A company had the following information for the year:
Required:
Definitions:
Bank Service Charges
Fees charged by a bank to its customers for account maintenance, transactions, and other banking services.
Outstanding Checks
Checks that have been written and recorded in accounting books but have not yet been cashed or cleared by the bank.
Bank Statement
A summary of all transactions mailed to the depositor or made available online by the bank each month.
Petty Cash System
A method used by businesses to manage small, daily expenses, involving a small store of cash on hand.
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