. Write your answer in the space provided or on a separate sheet 18) Indicate wh

Question

. Write your answer in the space provided or on a separate sheet 18) Indicate what effect each situation will have on the bank reconciliation process. choice beside the items listed. (8 points) Place the number of your 1. Add to bank balance 2. Deduct from bank balance 3. Add to checkbook balance 4. Deduct from checkbook balance -L " a" deposit in transit --1--c. NSF check 3e Outstanding checks b, bank service charge d. Check written for $95 recorded on the company's ledger as $59 -f. Check written for $80 recorded as $800 g. Check printing charges h. Interest earned on checking account 9) When completing a bank reconciliation, explain why all adjustments to the checkbook balance require journal entries?

Explanation / Answer

all adjustments in the check book balance needs to journalize because these adjustments show errors in the check book balance which needs to be reconcile. Reconciliation of these errors can be performed on by recording rectification journal entry. Hence  all adjustments in the check book balance needs to journalize.

a Add to bank balance b deduct from checkbook balance c deduct from checkbook balance d Add to checkbook balance e deduct from bank balance f deduct from checkbook balance g deduct from checkbook balance h Add to checkbook balance

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