Question: View Policies Current Attempt in Progress When a company has cash available in another account in the same bank at which an overdraft has occurred,
View Policies
Current Attempt in Progress
When a company has cash available in another account in the same bank at which an overdraft has occurred, the company will:
offset the overdraft against the cash account balance.
report the bank overdraft amount as an account payable.
classify the bank overdraft as a compensating balance.
report it in the notes to the financial statements.
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