Which of the Following Would Be Deducted from the Balance

question 83

Multiple Choice

Which of the following would be deducted from the balance per books on a bank reconciliation?

• A) service charges
• B) outstanding checks
• C) deposits in transit
• D) notes collected by the bank

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Definitions:

Estimated Monthly Amount

A projection of the monetary value expected for transactions or activities on a monthly basis.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial position.

Prepaid Expense

An expense that has been paid in advance and is recorded as an asset until it is actually incurred.

Unearned Revenue

Unearned revenue refers to payment received for goods or services that have not yet been delivered or rendered. It is recorded as a liability on the balance sheet until the transaction is completed.