If the Bank Reconciliation Includes a Deposit in Transit,a Journal

question 95

True/False

If the bank reconciliation includes a deposit in transit,a journal entry is required that includes a debit to cash.

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Definitions:

Noncumulative

Noncumulative refers to a type of preferred stock where dividends do not accumulate if they are not declared or paid in a given dividend period.

Dividends in Arrears

Dividends on cumulative preferred stock that have not been paid in the period they are due.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and stockholders' equity as of a specific date, showing the company's financial position.

Sole Proprietorship

A business structure owned by a single individual, where the owner and the business are legally considered the same.