Multiple Choice
Classify each of the following reconciling items of the Tic and Tac Company as:
-Deposits in transit ________
A) an addition to the bank balance
B) a deduction from the bank balance
C) an addition to the book balance
D) a deduction from the book balance
E) not a reconciling item
Correct Answer:
Verified
Correct Answer:
Verified
Q105: The journal entry to record an NSF
Q106: Safeguarding the assets the business uses in
Q107: The cash register in an internal control
Q108: Interest expense appears on a bank reconciliation
Q109: A petty cash fund was established
Q111: Prepare any necessary journal entries based on
Q112: Classify each of the following reconciling items
Q113: A cheque written for $86.30 in payment
Q114: The following data have been gathered for
Q115: The following data are available for