Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.)   Answer Yes or No Item Entry Required 1. Bank service charges, $90.   2. Check of a customer returned by bank to company because of insufficient funds, $520.   3. Check for $420 incorrectly recorded by the company as $240.   4. Check for $1,440 incorrectly charged by bank as $140.   5. Deposit in transit, $5,310.   6. Outstanding checks, $10,370.   7. Note collected by bank, $12,600.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.)   Answer Yes or No

Item Entry Required
1. Bank service charges, $90.
 
2. Check of a customer returned by bank to company because of insufficient funds, $520.
 
3. Check for $420 incorrectly recorded by the company as $240.
 
4. Check for $1,440 incorrectly charged by bank as $140.
 
5. Deposit in transit, $5,310.
 
6. Outstanding checks, $10,370.
 
7. Note collected by bank, $12,600.
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