financeIdentify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company’s records, or (d) a deduction from the cash balance according to the company’s records. (None of the transactions reported by bank debit and credit memos have been recorded by the company.)
1. Bank service charges, $30.
2. Check of a customer returned by bank to company because of insufficient funds,$1,750.
3. Check for $390 incorrectly recorded by the company as$930.
4. Check for $50 incorrectly charged by bank as$500.
5. Deposit in transit, $9,700.
6. Outstanding checks,$33,110.
7. Note collected by bank, $24,600. 23rd Edition•ISBN: 9781305575080David Twomey, Marianne Jennings, Stephanie Greene369 solutions
6th Edition•ISBN: 9780078692512McGraw-Hill Education3,894 solutions
10th Edition•ISBN: 9781337902571 (4 more)Eugene F. Brigham, Joel Houston777 solutions
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