Deposits in transit result because of a timing difference between the bank records and checkbook records.

Name: Deposits in transit result because of a timing difference between the bank records and checkbook records.
Brand: Quizplus
Rating: 4.8 (32 reviews)

Question

Quizplus · Accepted Answer

Deposits in transit are amounts that have been recorded in the company's checkbook but not yet reflected in the bank statement, due to the time it takes for the bank to process these transactions, leading to a timing difference between the two records.

Deposits in Transit Result Because of a Timing Difference Between