Deposits in transit
A)have been recorded on the company's books but not yet by the bank.
B)have been recorded by the bank but not yet by the company.
C)have not been recorded by the bank or the company.
D)are customers' checks that have not yet been received by the company.

Question

Quizplus · Accepted Answer

Deposits in transit are amounts that have been recorded in the company's accounting records but have not yet been reflected in the bank statement because they were deposited after the bank's cutoff time for processing.

Deposits in Transit