Which of the following items are both reconciling items on the bank side of the reconciliation?
A)Deposit in transit and outstanding cheques
B)Outstanding cheques and correction of book error
C)Deposit in transit and dishonoured cheque
D)Bank service charge and correction of book error

Question

Quizplus · Accepted Answer

Deposits in transit and outstanding cheques are both reconciling items on the bank side of the reconciliation because they represent transactions that have been recorded in the company's books but not yet reflected in the bank statement.

Which of the Following Items Are Both Reconciling Items on the Bank