Place a check mark in the column that indicates the location of each item that would be found on a bank reconciliation.Assume that the checks written by the company are written correctly. Item | Add to bank statement balance | Subtractfrom bank statement balance | Add to ledger balance of cash | Subtract from ledger balance of cash.. 1. Outstandingchecks 2. Deposit in transit 3. A check written for $52 recorded incorrectly as $25 4. Check printing charge 5. An NFScheck received from a customer. 6. A bank service charge 7. A deposit for $197 listed incorrectly on the bank statementas $179

The following locations will be used for the adjustments, assuming Cash ledger as base of bank…

Answered: Place a check mark in the column that…

Business

Accounting

Place a check mark in the column that indicates the location of each item that would be found on a bank reconciliation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Place a check mark in the column that indicates the location of each item that would be found on a bank reconciliation.
Assume that the checks written by the company are written correctly. Item | Add to bank statement balance | Subtract
from bank statement balance | Add to ledger balance of cash | Subtract from ledger balance of cash.. 1. Outstanding
checks 2. Deposit in transit 3. A check written for $52 recorded incorrectly as $25 4. Check printing charge 5. An NFS
check received from a customer. 6. A bank service charge 7. A deposit for $197 listed incorrectly on the bank statement
as $179

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