Weygandt, Accounting Principles, 12e on Info Prepare & Present Read, Study & Pra

Question

Weygandt, Accounting Principles, 12e on Info Prepare & Present Read, Study & Practice Assignment Gradebook ORION Dv Chapter 8. Fraud, Internal Control, and CaSelect a Study Objective FULL SCREEN PRINTER VERSION ·BACK BE8-11. Indicate location of reconciling items in a bank reconciliation The following reconciling items are applicable to the bank reconciliation for Ellington Company: (1) outstanding checks, (2) bank debit memorandum for service charge. 3) bank credit memorandum for collecting a note for the depositor, and (4) deposits in transit. Indicate how each item should be shown on a bank reconciliation 12. Identify reconciling items that require adjusting entries

Explanation / Answer

1.Outstanding checks should be deducted from the balance per bank.

2. Bank debit memorandum should be deducted from the balance per books

3 .Bank credit memorandum should be added to the balance per books.

4. Deposits in transit should be added to the balance per bank

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