Which of the following has incorrect treatment for the bank and book reconciling items assuming using adjusted balance method for bank reconciliation: a. Deposit in Transit or Undeposited collection should be added to the book in arriving at the correct cash balance b. Outstanding checks should be deducted from the bank balance c. Debit memos should be deducted from the balance per books in determining the correct cash balance d. Credit memos should be added to the cash balance per books in order to obtain the correct cash balance

Which of the following has incorrect treatment for the bank and book reconciling items assuming using adjusted balance method for bank reconciliation: a. Deposit in Transit or Undeposited collection should be added to the book in arriving at the correct cash balance b. Outstanding checks should be deducted from the bank balance c. Debit memos should be deducted from the balance per books in determining the correct cash balance d. Credit memos should be added to the cash balance per books in order to obtain the correct cash 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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