Question: Using the code letters below, indicate how each of the items listed would be handled when preparing a bank reconciliation. Enter the appropriate code letter

Using the code letters below, indicate how each of the items listed would be handled when preparing a bank reconciliation. Enter the appropriate code letter in the space to the left of each item (10 Marks).

Code

A Add to books.

B Deduct from books.

C Add to bank.

D Deduct from bank.

E Does not affect the bank reconciliation.

Items

____ 1. Outstanding cheques

____ 2. Bank service charge

____ 3. Cheque for $320 correctly written and paid by the bank but incorrectly entered in the general journal for $230.

____ 4. Deposit in transit

____ 5. Bank returns deposited cheque marked NSF.

____ 6. Bank collects accounts receivable for depositor electronically.

____ 7. Bank debit memorandum for cheque printing fees

____ 8. Petty cash custodian has $86 in paid petty cash vouchers that have not been reimbursed.

____ 9. Bank charged a cheque against the company which should have been charged to another company.

____ 10. A cheque for $236 was correctly paid by the bank but was incorrectly entered in the general journal for $263.

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