Question

Required information A bank reconciliation proves the accuracy of the depositor's and the bank's records. The bank statement balance is adjusted for items such as outstanding checks and unrecorded deposits made on or before the bank statement date but not reflected on the statement. The book balance is adjusted for items such as service charges, bank collections for the depositor, and interest earned on the account. 7A Bank Balance Adjustments Bank Reconciliation Add deposti in transit. Subtract outstanding Bank balance... Add & deduct Timing difference - Any errors Adjusted bank bal... checks Book Balance Adjustments Add interest eamed and unrecorded cash receipts Subtract bank fees and NSF checks. Add or subtract corrections of book errors. Book balance..... AV & deduct: Thing differences + y errors Adjusted book bal.. L Add or subtract corrections of bank errors Knowledge Check 01 Select the items below which must be adjusted to the book balace (You may select more than one Knowledge Check 01 Select the items below which must be adjusted to the book balance: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and nark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 2 deposits in transit 7 book error 2 bank error 2 outstanding checks 2 interest earned on checking account ? collections of accounts receivable by the bank

Answer 1

I think the answer is the following items require adjustment in book value which are book error, interest earned on the checking account, and collection of accounts receivable by the bank

Answer 2

Does this question belongs to economics????