In: Accounting
Select the appropriate term associated with a bank reconciliation for each of the following descriptions.
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Solution:-
Descriptions | Terms | |
a. | Cash receipts received by the company but not yet recorded by the bank | Deposits outstanding |
b. | Fees imposed by the bank to the company for providing routine services | Bank service fees |
c. | Checks written to the company that are returned by the bank as not having adequate funds | NSF Checks |
d. | Checks written by the company but not yet recorded by the bank | Checks outstanding |
e. | Money earned on the average daily balance of the checking account | Interest earned |
f. | The company recorded a deposit twice | Company error |