Homework: Chapter 7 Score: 0 of 5 pts S7-8 (book/static) 1015 (0 complete For ea

Question

Homework: Chapter 7 Score: 0 of 5 pts S7-8 (book/static) 1015 (0 complete For each timing difference isted, identify whether the diierence would be repurted on the book side of the reconciliation or the bank side of the reconcliation. In addition, iden whether the difference would be an addition or subtraction Tming dlferenca affacted subtraction? a. Deposit in transit b. Bank collection c. Debit memorandum from bank d. EFT cash receipt e. Outstanding checks f. $1,000 deposit ermoneously recorded by the bank as $100 g. Service charges h. Intarest revenua 2,500 cash payment for rent expense erroneously recorded by the business os S250 Credit memorandum from bank

Explanation / Answer

Book and Bank differences are as shown below:

Timing Difference Is book or bank affected Is it an addition or subtraction a Deposit in transit Bank Addition b Bank Collection Cash Addition c Debit memorandum from bank Cash Subtraction d EFT cash receipt Cash Addition e Outstanding checks Bank Subtraction f $1,000 deposit erroneously recorded by bank as $100 Cash Addition g Service charges Cash Subtraction h Interest revenue Cash Addition i $2,500 cash payment for rent expense erroneously recorded by buisness as $250 Cash Subtraction j Credit memorandum from bank Cash Addition

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