ch 6 stuff Flashcards
1
Q
What accounts do you add to the bank
A
deposit in transit
Undeposited receipts
Bank errors that understate cash
2
Q
What accounts do you subtract from the bank
A
outstanding checks
bank errors that overstate cash
3
Q
what do you add to book
A
collections of receivables
bank credits
interest revenue
book errors that understate cash
4
Q
what do you subtract from book
A
NSF check fees
bank service charges
5
Q
Deposits In Transit
A
Deposit per books this month – (Deposits per bank this month - Deposits in transit
previous month) = Deposits in transit this month end
6
Q
Outstanding Checks
A
Checks written per books this month – (Checks cleared by bank this month - Outstanding
checks previous month) = Outstanding checks this month end
