Register
A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period's reconciliation, the amount of this deposit should
126k views
5 votes
A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period's reconciliation, the amount of this deposit should be:

A. Added to the book balance of cash.
B. Deducted from the book balance of cash.
C. Added to the bank balance of cash.
D. Deducted from the bank balance of cash.
E. Not included as a reconciling item.

User WTK
by
5.2k points

2 Answers

4 votes

Answer:

E

Step-by-step explanation:

The deposit clears itself out so is no longer a reconciliation item.

User Gbdivers
by
4.0k points
3 votes

Answer:

E. Not included as a reconciling item.

Step-by-step explanation:

User Harsha Hulageri
by
5.7k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.1m questions

6.7m answers

Other Questions

Misk Co. purchased the following securities during 20X7 to be classified as held-to-maturity securities, trading securities, or available-for-sale securities: I. Debt securities bought and held for the
Which of the following should be considered last when searching for financing? Family members Banks Commercial finance companies Credit cards I'm guessing it's C but idk
Explain the similarities and differences between how both producers and consumer use money
Brett buys a new cell phone for​ $100. he receives consumer surplus of​ $80 from the purchase. how much does brett value his cell​ phone?
Given the following income elasticities of demand: Product Income elasticity movies +3.4 Dental service +1.0 Clothing +0.5 The values indicate that movies and dental services are normal goods, but clothing
Link Copied!