Question: (LO 7-2) Which party needs to adjust its cash balance once learning about the following reconciling items? Reconciling Item Error Outstanding check NSF check Outstanding

(LO 7-2) Which party needs to adjust its cash balance once learning about the following reconciling items?

Reconciling Item Error Outstanding check NSF check Outstanding deposit Notes/interest collected by

Reconciling Item Error Outstanding check NSF check Outstanding deposit Notes/interest collected by the bank Bank service fees Who needs to adjust the cash balance? Company (general ledger), Bank, or Potentially Both Bank and Company

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