Ask Question
BusinessBusiness
7 April, 02:53

Deposits in transit Select one: a. have been recorded on the company's books but not yet by the bank. b. have not been recorded by the bank or the company. c. are customers' checks that have not yet been received by the company. d. have been recorded by the bank but not yet by the company.

+1
Answers (1)
  1. 7 April, 04:03
    0
    a. have been recorded on the company's books but not yet by the bank

    Explanation:

    The deposit in transit means the deposit is recorded in the book of the company accounts but the same is not recorded in the bank books of account unless when they are not deposited.

    So while preparing the bank reconciliation statement, we added the deposit in transit and deduct the outstanding checks in the bank books of accounts
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Deposits in transit Select one: a. have been recorded on the company's books but not yet by the bank. b. have not been recorded by the bank ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
According to the website nationalbikeregistry, at the campus of UC Berkeley 12% of registered bicycles are stolen each year. Suppose a random sample of 160 registered bicycles at UC Berkeley is selected.
Answers (1)
Your shared monthly living expenses (rent + utilities) have been $750 per month, living with three other students.
Answers (1)
Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2015, sold to him Acme Securities which it had held as an investment for three years.
Answers (1)
Aerelon Airways, a commercial airline, suffers a major crash. As a result, passengers are considered to be less likely to choose Aerelon as their carrier, and it is expected free cash flows will fall by $15million per year for five years.
Answers (1)
You've designed the floor plan of your restraunt and an efficient traffic pattern for patrons, servers, and other staff. In your business plan, these actions are called A. processes. B. performance measures. C. industry standards D.
Answers (1)
New Questions in Business
Fleet Foot Shoes has been successful at differentiating itself from competitors by claiming a premium price for its athletic footwear based on superior design and high-quality materials.
Answers (1)
Which of the following statements is most likely true of market follower strategies? market followers have the resources to expand the market by developing new users, new uses, and more usage of its products.
Answers (1)
The return on a Futures contract A) is Highly related to the low margin requirement B) is always equal to or greater than zero C) Tends to be fairly stable from one trading day to the next D) is solely related to the current price of the underlying
Answers (1)
On October 15, 2018, a 5% stock dividend was declared and distributed. The fair value of the common stock on this date was $31.8 per share. Fractional share rights represented 100,000 shares. Cash was paid in lieu of issuing fractional share rights.
Answers (1)
Which sources of information would be the most inclusive for an entrepreneur determining information to complete financial statements?
Answers (1)
Home » Business » Deposits in transit Select one: a. have been recorded on the company's books but not yet by the bank. b. have not been recorded by the bank or the company. c. are customers' checks that have not yet been received by the company. d.
Sign Up Forgot Password?