Cash collected and recorded by a company but not yet reflected in a bank statement are known as
A)debit memos.
B)credit memos.
C)outstanding checks.
D)deposits in transit.

Question

Quizplus · Accepted Answer

Cash collected and recorded by a company but not yet reflected in a bank statement are known as deposits in transit. Option A and B refer to transactions that have already been recorded by the bank, and option C refers to checks that have been issued but have not yet cleared the bank.

Cash Collected and Recorded by a Company but Not Yet