Bank reconciliation Flashcards
A check issued on Aug. 20, not yet paid by the bank as of the end of August.
Outstanding Check
Collection of a note receivable reported as per bank statement, not recorded in company books.
Bank Collection
A check received and deposited to the bank erroneously recorded for a larger amount than actual, as per books.
Error in Company’s Books
A check received and recorded as per books on Aug. 31, not yet shown as per bank statement.
Deposit in Transit
A customer’s check for $50 returned by the bank marked “NSF” was recorded in the bank statement but not yet recorded in the company’s books.
NSF check
A deposit of $1,200 made on the last day of the month is not reflected in the bank statement.
Deposit in transit
A check written by the company for $78 was incorrectly recorded in the company’s books as $87.
Error in company books
The bank statement shows a bank service charge of $25 that has not been recorded in the company’s books.
Bank service charge
A note receivable of $500 was collected by the bank and credited to the company’s account, but the company has not been notified.
Bank collection
Outstanding checks from the previous month totaling $350 have not yet been presented to the bank for payment.
Outstanding checks
The company erroneously recorded a deposit of $620 as $260 in its books.
Error in company books
The bank statement includes interest earned on the company’s account of $15, which has not been recorded in the company’s books.
Interest income
A check for $100 issued to a vendor was returned to the company due to an incorrect address. The check is still outstanding.
Outstanding check
The bank mistakenly charged the company’s account $50 for another company’s transaction.
Bank error
