Solved

The May Bank Statement for Consulting Services Shows a Balance

Question 53

Multiple Choice

The May bank statement for Consulting Services shows a balance of $7300,but the balance per books shows a cash balance of $8,980.Other information includes:
1) A check for $200 to pay the electric bill was recorded on the books as $20.
2) Included on the bank statement was a note collected by the bank for $400 plus interest of $30.
3) Checks outstanding totaled $260.
4) Bank service charges were $50.
5) Deposits in transit were $2,140.
Which item should be added to the company's book balance during the bank reconciliation?


A) Deposit in transit
B) Outstanding check
C) Bank service charge
D) Note collected by the bank

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents