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When preparing the bank reconciliation, a "deposit in transit" represents a deposit that is recorded on the accounting records of the business, but is not yet recorded on the business's bank statement. an addition to the bank balance amount a timing difference that does not require a journal entry all of the above

When preparing the bank reconciliation, a "deposit in transit" represents a deposit that is recorded on the accounting records of the business, but is not yet recorded on the business's bank statement. an addition to the bank balance amount a timing difference that does not require a journal entry all of the above

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 26GI
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QUESTION 14 When preparing the bank reconciliation, a "deposit in transit" represents a deposit that is recorded on the accounting records of the business, but is not yet recorded on the business's bank statement. an addition to the bank balance amount a timing difference that does not require a journal entry all of the above
Transcribed Image Text:QUESTION 14 When preparing the bank reconciliation, a "deposit in transit" represents a deposit that is recorded on the accounting records of the business, but is not yet recorded on the business's bank statement. an addition to the bank balance amount a timing difference that does not require a journal entry all of the above
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