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Classifying bank reconciliation items The following items could appear on a bank reconciliation a Outstanding checks $670 b Deposits in transit $1500 c NSF check from customer

Classifying bank reconciliation items The following items could appear on a bank reconciliation:

a. Outstanding checks, $670.

b. Deposits in transit, $1,500.

c. NSF check from customer, #548, for $175.

d. Bank collection of note receivable of $800, and interest of $80.

e. Interest earned on bank balance, $20.

f. Service charge, $10.

g. The business credited Cash for $200. The correct amount was $2,000.

h. The bank incorrectly decreased the business’s account by $350 for a check written by another business. Classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.

Apr 21 2020 View more View Less

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