When preparing a bank reconciliation,which of the following items should be added to the book balance?
A)EFT receipts
B)deposits in transit
C)collection of note receivable by bank
D)both EFT receipts and collection of a note receivable by the bank

Question

Quizplus · Accepted Answer

Both EFT receipts and collection of a note receivable by the bank should be added to the book balance as they represent funds that have been received by the bank but may not have been recorded in the company's books yet. Deposits in transit should already be included in the book balance as they have been recorded by the company but have not yet been cleared by the bank.

When Preparing a Bank Reconciliation,which of the Following Items Should