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

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

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