All of the Following Bank Reconciliation Items Would Require an Adjusting

question 91

Multiple Choice

All of the following bank reconciliation items would require an adjusting entry on the depositor's books except

• A)interest earned.
• B)deposits in transit.
• C)a bank service charge.
• D)a customer's NSF cheque.

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Definitions:

Deemed to Accept

An assumed or implicit acceptance of terms or conditions by conduct or by failing to object.

Reasonable Opportunity

A fair and adequate chance given to a party to perform an action or fulfill a condition within legal or contractual obligations.

Destination Contract

A contract specifying that the sale of goods will be completed upon their arrival at a specified location.

F.O.B. City

Refers to "Free on Board" at a certain city, indicating that the seller is responsible for the goods until they are loaded onto a transport vehicle at a specified location.