During a bank reconciliation process:
a.outstanding checks are added and deposits in transit are subtracted from the bank statement balance
b.outstanding checks and deposits in transit are subtracted from the bank statement balance
c.outstanding checks and deposits in transit are added to the bank statement balance
d.outstanding checks are subtracted and deposits in transit are added to the bank statement balance

Question

29-11-2019
Business

contestada

During a bank reconciliation process:
a.outstanding checks are added and deposits in transit are subtracted from the bank statement balance
b.outstanding checks and deposits in transit are subtracted from the bank statement balance
c.outstanding checks and deposits in transit are added to the bank statement balance
d.outstanding checks are subtracted and deposits in transit are added to the bank statement balance

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TomShelby TomShelby · Answer 1 · 2019-11-30T01:27:07+01:00

Answer:

d.outstanding checks are subtracted and deposits in transit are added to the bank statement balance

explanation:

The goal for the bank reconciliaiton is to adjust for the unknow information:

the outstanidng check are unkins information for the bank which, decreases the bank account balance thus, we need to decrease them

The deposit in transit are also information unknow for the bank Thus, we have to increase the bank balance as this deposits once completed will increase the balance.