Identify Each of the Following Reconciling Items as

question 73

Essay

Identify 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. Assume that none of the transactions reported by bank debit and credit memos have been recorded by the company. Write "entry" by items that will require a journal entry in the company's accounts.
1.Deposits in transit.
2.Bank service charges.
3.NSF check.
4.Outstanding checks.
5.Check for $690 incorrectly recorded by the company as $960.
6.Check for $420 incorrectly recorded by the company as $240.

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Definitions:

Antiporters

Antiporters are proteins that transport two or more ions or molecules in opposite directions across a cell membrane, crucial for maintaining cellular ion balance.

Hypertonic

A term referring to a solution having an osmotic pressure (or solute concentration) greater than that of the solution with which it is compared. Compare with hypotonic and isotonic.

Osmotic Pressure

The pressure that must be exerted on the hypertonic side of a selectively permeable membrane to prevent diffusion of water (by osmosis) from the side containing pure water.

Turgor Pressure

The force within the cell that pushes the plasma membrane against the cell wall.