Question: How would deposits in transit be dealt with in a bank reconciliation? a. deducted from companys book balance b. deducted from bank statement balance c.

How would deposits in transit be dealt with in a bank reconciliation?

a. deducted from companys book balance

b. deducted from bank statement balance

c. added to bank statement balance

d. added to companys book balance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

How would customer's NSF checks be dealt with in a bank reconciliation? a. Deducted from company's book balance b. Deducted from bank statement balance c. Added to company's book balance d. Added to...

Q:

How would bank service charges be dealt with in a bank reconciliation? a. added to companys book balance b. deducted from bank statement balance c. deducted from companys book balance d. added to...

Q:

1 How would deposits in transit be dealt with in a bank reconciliation? a. added to bank statement balance b. deducted from companys book balance c. they would be ignored d. None of these choices 2...

Q:

Burnaby Company Bank Reconciliation For October 31-2011 $ 9,843.80 Book Balance $ 10,054.69 ank Statement Balance ad: Deposit of Oct. 31 in transit $ 1,796.50 $ 11,640.30 Deduct: NSF Cheque & service...

Q:

Baylor Company Bank Reconciliation October 31, 2017 $19,687.60 Book balance.. $45,548.66 Bank statement balance Add: Deposit of Oct. 31 in transit.... 4.280.45 $23.968.05 Deduct: Outstanding cheques:...

Q:

ACCOUNTING PROBLEM The cash records and bank statement for the month of May for Steal Magnolias Inc are shown below. Steal Magnolias Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance...

Q:

56) A restrictive endorsement on a check: A) can be further endorsed by someone else. B) permits the bank to use its best judgment. C) is the safest endorsement for businesses. D) None of these...

Q:

what are the answers? Exercise 6-8 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $490 petty cash fund on September 9. On September 30, the fund shows $233 in cash along with...

Q:

pls answer for me CoursHeroTranscribedText: Wright Company's cash account shows a $31,100 debit balance and its bank statement shows $29,400 on deposit at the close of business on May 31- a. The May...

Q:

added to bank statement balance deducted from bank statement balance Question 39 0.1 pts How would outstanding checks be dealt with in a bank reconciliation? deducted from bank statement balance...

Q:

Differentiate between formal and informal organisation on the basis of the following: (i)Meaning (ii) Origin (iii) Authority (iv)Flow of communication (v)Nature

Q:

accumulated depreciation of $8,000 as of December 31, Year 4. The asset had a 5-year life and S0 salvage value. Prepare the joumal entries to record the updating of the depreciation expense and...

Q:

Which of the following is NOT three basic sequential operations? Exit Output Input Computation

Q:

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

Q:

In the Hewlett-Packard research, discuss what options the company has if it moves away from the performance pay scheme it has previously operated.

Q:

Look up the article that is the basis for focus on research 6.1. Why do you think that some of the respondents consider that their reward strategy does not operate in practice?

Q:

In case study 6.2, what would happen if business turned down and the company made little or no gains over a pay period?