Which of the following would be subtracted from the balance per bank on a bank reconciliation? Question 4 options: 1) Outstanding checks 2) Deposits in transit 3) Notes collected by the bank 4) Service charges
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After a bank reconciliation statement is completed, a firm may have to make an entry in its accounting records for: outstanding checks. deposits in transit. the bank statement balance. NSF checks.
James K.
Brooke B.
Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company’s records, or (d) a deduction from the cash balance according to the company’s records. (None of thetransactions reported by bank debit and credit memos have been recorded by the company.)1. Bank service charges, $30.2. Check of a customer returned by bank to company because of insufficient funds, $400.3. Check for $320 incorrectly recorded by the company as $230.4. Check for $1,100 incorrectly charged by bank as $110.5. Deposit in transit, $3,300.6. Outstanding checks, $7,950.7. Note collected by bank, $10,500. Which of the reconciling items listed above require an entry in the company’s accounts?
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