Which of the following items are both reconciling items on the bank side of the reconciliation?
A)outstanding cheques and correction of book error
B)deposit in transit and NSF cheque
C)deposit in transit and outstanding cheques
D)bank service charge and correction of book error

Question

Quizplus · Accepted Answer

Deposits in transit and outstanding checks are both reconciling items on the bank side of a bank reconciliation. Deposits in transit are amounts that have been received and recorded by the company but not yet recorded by the bank, while outstanding checks are checks issued by the company that have not yet been cleared by the bank.

Which of the Following Items Are Both Reconciling Items on the Bank