IL LO BULMMcGraw-Hill Conne Connect accounting M McGraw-Hill Conne M buisness St
ID: 2410851 • Letter: I
Question
IL LO BULMMcGraw-Hill Conne Connect accounting M McGraw-Hill Conne M buisness Student.oans.gov Assignment Results i apter 8 Assignment Saved 1 & 2. For each of the following items, indicate whether its amount affects the bank or book side of a bank reconciliation and represents an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required 3.33 oints Bank or Book Addition or Subtraction Adjusting entry required a. Interest on cash balance b. Bank service charges c Debit memos d Outstanding checks e. Credit memos f. INSF checks g Outstanding deposits eBook PrintExplanation / Answer
Solution:
S. No. Items Bank or Book Addition or Subtraction Adjusting Entry required a. Interest on cash balance Book Addition Yes b. Bank Service Charges Book Subtraction Yes c. Debit Memos Book Subtraction Yes d. Outstanding Checks Bank Subtraction No e. Credit memos Book Addition Yes f. NSF Checks Book Subtraction Yes g. Outstanding deposits Bank Addition No