X Company Used the Following Items to Complete Its Bank

question 88

Multiple Choice

X Company used the following items to complete its bank reconciliation for the month of October: ∙ Deposits in transit were $2,500.
∙ Outstanding checks totaled $1,100.
∙ Bank service charges were $10.
∙ The company correctly wrote a check for $192,but mistakenly recorded the check as $129 on its books.The bank cashed the check correctly for $192.
∙ A customer's check for $50 was returned by the bank,NSF.
The $2,500 deposit in transit should be ________.

• A)added to the balance per bank statement
• B)deducted from the balance per bank statement
• C)added to the balance per books
• D)deducted from the balance per books

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Definitions:

Annual Return

The percentage change in an investment's value over a one-year period, including any dividends or interest, reflecting the compound annual growth rate.

Annual Return

The percentage change in the value of an investment over one year, taking into account both price increases and income received from the investment.

Tax Bracket

A range of incomes taxed at a given rate by the government, with higher incomes typically taxed at higher rates.

Salary Contribution

The portion of an individual's salary that is allocated towards investment, savings, or retirement plans, often in a structured or mandated manner.