5 EX 7-22 Bank reconciliation 1 Identify each of the following reconciling items as (a)...
90.2K
Verified Solution
Link Copied!
Question
Accounting
5 EX 7-22 Bank reconciliation 1 Identify each of the following reconciling items as (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction from the cash balance according to the company's records. (None of the transactions reported by bank debit and credit memos has been recorded by the company.) 1. Bank service charges, $15. 2. Cheque drawn by company for $160 but incorrectly recorded as $610. 3. Cheque for $500 incorrectly charged by bank as $5,000. 4. Cheque of a customer returned by bank to company because of insufficient funds (NSF), $3,000 5. Deposit in transit, $15,500. 6. Outstanding cheques, 59,600. 7. Note collected by bank, $10,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
