Which of the Following Bank Reconciliation Items Would Result in a Journal

question 104

Multiple Choice

Which of the following bank reconciliation items would result in a journal entry on the company's books?

• A) Bank error
• B) Interest income
• C) Deposit in transit
• D) Outstanding checks

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Definitions:

General Partner

is a member of a partnership who has unlimited liability for the debts of the partnership and takes part in the management of the business.

Unlimited Personal Liability

A legal condition where individuals are fully responsible for all of a business's debts or liabilities without any limit, risking personal assets beyond the investment in the business.

Limited Partnership

A business partnership where at least one partner has unlimited liability and one or more partners have limited liability, not involved in daily management.

Dissolving

The process of formally ending the existence of a corporation or partnership, involving liquidation of assets and distribution of the proceeds to claimants.