question archive Which of the following would be subtracted from the balance per bank on a bank reconciliation? Outstanding checks Deposits in transit Notes collected by the bank Service charges
Which of the following would be subtracted from the balance per bank on a bank reconciliation? Outstanding checks Deposits in transit Notes collected by the bank Service charges
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Which of the following would be subtracted from the balance per bank on a bank reconciliation?
- Outstanding checks
- Deposits in transit
- Notes collected by the bank
- Service charges
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Answer:
a .
Step-by-Step explanation
An outstanding check is that check which is drawn by a firm but not yet cleared by the bank. When a firm draws this check at that time it deducts the amount of check from the books but the bank does not record any transaction regarding this check. At the time of preparing the bank reconciliation statement, this amount is subtracted from the balance per bank.
