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From among the choices below, select the proper treatment for each of the following items when...

From among the choices below, select the proper treatment for each of the following items when reconciling a bank account:

  1. ADD TO BALANCE PER BANK STATEMENT
  2. DEDUCT FROM BALANCE PER BANK STATEMENT
  3. ADD TO BALANCE PER DEPOSITOR’S RECORDS
  4. DEDUCT FROM BALANCE PER DEPOSITOR’S RECORDS

a b c d   1. OUTSTANDING CHECKS

a b c d   2. CHECK DRAWN FOR $1000 IS CHARGED AS $100

a b c d   3.  BANK SERVICE CHARGES

a b c d    4.  A CUSTOMER’S CHECK IS RETURNED FOR LACK OF SUFFICIENT FUNDS

a b c d     5.  DEPOSIT IN TRANSIT NOT RECORDED BY BANK

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Answer #1
Choices Treatment
1. OUTSTANDING CHECKS B . DEDUCT FROM BALANCE PER BANK STATEMENT
2. CHECK DRAWN FOR $1000 IS CHARGED AS $100 D. DEDUCT FROM BALANCE PER DEPOSITOR’S RECORDS
3. BANK SERVICE CHARGES D. DEDUCT FROM BALANCE PER DEPOSITOR’S RECORDS
4. A CUSTOMER’S CHECK IS RETURNED FOR LACK OF SUFFICIENT FUNDS D. DEDUCT FROM BALANCE PER DEPOSITOR’S RECORDS
5. DEPOSIT IN TRANSIT NOT RECORDED BY BANK A. ADD TO BALANCE PER BANK STATEMENT
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