Deposits in transit have:
A) been recorded by the company but not yet by the bank.
B) been recorded by the bank but not yet by the company.
C) not been recorded by the bank or the company.
D) been recorded by both the bank and the company.

Question

Quizplus · Accepted Answer

Deposits in transit are deposits that have been made by the company and recorded in their own books, but not yet recorded by the bank in their statements. Therefore, the correct answer is A, as the deposits have been recorded by the company but not yet by the bank.

Deposits in Transit Have