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Suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the bank by the cutoff date. Discuss the possible cause(s)

Suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the bank by the cutoff date. Discuss the possible cause(s) of this, and discuss the nature of the potential misstatement(s) that could result.

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