Essay
Identify whether each of the following items would be (a) added to the book balance (b) deducted from the book balance in a bank reconciliation (c) added to the bank balance or (d) deducted from the bank balance.
1. Deposits in transit
2. Bank service charge
3. Collection of note and interest by bank on company's behalf
4. NSF check
5. Outstanding checks
Correct Answer:
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1. c
2. b
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Correct Answer:
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2. b
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