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The accountant for a local manufacturing company is reconciling the company’s bank account for May. For each item listed, state how it would be handled on a bank reconciliation. (Choices may be used more than once.)
-Check written on the company's account in May and paid by the bank is returned with the bank statement
Babysitting Services
A service that involves taking care of children on behalf of the children's parents or guardians for a temporary period.
Store Of Value
An asset that can be saved, retrieved, and exchanged at a later time, and be predictably useful when retrieved.
Medium Of Exchange
A tool that assists in the buying, selling, or exchanging of goods among different parties.
Cash
Liquid currency including coins and banknotes that is used to facilitate transactions and settle debts.
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