Question
What impact will a Deposit in Transit and an Outstanding Check have on a companys accounting records after reconciliation is completed? (will cash have to
What impact will a Deposit in Transit and an Outstanding Check have on a companys accounting records after reconciliation is completed?
(will cash have to increase or decrease based on the reconciling item)
Multiple Choice
Deposit in Transit will need to increase the Cash account and Outstanding Checks will decrease the Cash account.
Deposit in Transit will need to decrease the Cash account and Outstanding Checks will increase the Cash account.
Both will increase the Cash account.
No change needs to be made to the Cash account for Outstanding Checks and Deposits in Transit.
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How To Win Your Tax Audit An Insider Guide To Successfully Negotiating With The IRS Chronicled From The Files From The Files Of The Nations Most Successful And Respected Taxpayers Rights Advocate
Authors: Daniel J Pilla
1st Edition
1884367097, 978-1884367090
