Chapter 5 question 5

Entries Based on Bank Reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Entry Required 1. Bank service charges, $20. 2. Check drawn by company for $174 but incorrectly recorded by company as $147. 3. Check for $10 incorrectly charged by bank as $100. 4. Check of a customer returned by bank to company because of insufficient funds, $240. 5. Deposit in transit, $2,475. 6. Outstanding checks, $7,385. 7. Note collected by bank, $5,300