When preparing the bank reconciliation, a deposit in transit represents a. a deposit that is recorded on
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Question:
- When preparing the bank reconciliation, a "deposit in transit" represents
- a. a deposit that is recorded on the accounting records of the business, but is not yet recorded on the business's bank statement.
- b. an addition to the bank balance amount
- c. a timing difference that does not require a journal entry
- d. all of the above
Related Book For
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
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