Bank reconciliation Identify each of the following reconciling items as: (a).in

Question

Bank reconciliation Identify each of the following reconciling items as: (a).in addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the b.ink statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction from die cash balance according to the company's records. (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Bank service charges, 575. Check of a customer returned by bank to company because of insufficient funds, $880. Check for $275 incorrectly recorded by the company as $725. Check for $100 incorrectly charged by bank as $1,000. Deposit in transit, $5,550. Outstanding checks, $10,350. Note collected by bank. $12,720.

Explanation / Answer

Addtion to the Cash Balance according to Bank Statement Check incorrectly charged by bank 900 Note Collected By Bank 12720 Deduction from Cash Balance according to Bank Statement Bank Service Charges 75 Check returned dut to insufficient fund 880 Check incorrectly recorded 450 Addtion to the Cash Balance according to Company's Record Outstanding Checks 10350 Deduction from the Cash Balance according to Company's Record Deposit in Transit 5550

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