You are reconciling a checking account. Several checks that were written over the past three weeks have
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Question:
You are reconciling a checking account. Several checks that were written over the past three weeks have not cleared the bank as of the closing period date.
What should you do
A Void the uncleared checks and reenter them when they clear the bank.
B Take no action so that the checks correctly impact the account balance.
C Void the uncleared checks and reissue them to the vendor.
Move the checks to a Liability account named "Uncleared Checks in Transit."
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
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