Give Meanings for the Following Terms

question 171

Short Answer

Give meanings for the following terms.
-Subcutaneous: __________

---

Definitions:

Deposits In Transit

Funds that have been received and recorded by a business but not yet recorded by the bank.

Outstanding Checks

Outstanding Checks are issued checks recorded by the issuing entity but have not yet been cashed or cleared by the bank, impacting the reconciling of bank statements.

NSF Check

A check that cannot be processed because the writer has insufficient funds.

Credit Memo

A credit memo is a document sent by a seller to a buyer, reducing the amount that the buyer owes under the terms of an earlier invoice.