When the bank reconciliation is being completed, Deposits in Transit would be: Added to the Bank Statement Balance Subtracted from the Bank Statement Balance Added to the Cash General Ledger Balance Subtracted from the Cash General Ledger Balance

When the bank reconciliation is being completed, Deposits in Transit would be: Added to the Bank Statement Balance Subtracted from the Bank Statement Balance Added to the Cash General Ledger Balance Subtracted from the Cash General Ledger Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

When the bank reconciliation is being completed, Deposits in Transit
would be:
Added to the Bank Statement Balance
Subtracted from the Bank Statement Balance
Added to the Cash General Ledger Balance
Subtracted from the Cash General Ledger Balance

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