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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Deposits made by a company but not yet reflected in a bank statement are called

a. deposits in transit.

b. debit memoranda.

c. credit memoranda.

d. None of the above.

To determine

Introduction:

A deposit in transit is money has been received by a company and sent to the bank, but yet to be not deposit into the bank but this transaction shows under processed.

To choose:

Where shown the deposit made by a company but yet not reflected in a bank statement.

Explanation

Explanation for correct answers:

Option (a) deposit in transit: A deposit in transit is money has been received by a company and sent to the bank, but yet to be not deposit into the bank but this transaction shows under processed.

Explanation for incorrect answers:

Option (b) Debit memoranda is a...

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