Which of the following is NOT a reconciling item when preparing a bank reconciliation?
A) bank service charges not recorded by the corporation
B) outstanding cheques
C) interest collected on a note receivable by the bank and recorded by the corporation
D) outstanding deposits

Question

Quizplus · Accepted Answer

The interest collected on a note receivable by the bank and recorded by the corporation is not a reconciling item because it is already recorded by the corporation and the bank. The other choices, bank service charges not recorded by the corporation, outstanding cheques, and outstanding deposits, are all reconciling items that require adjustments to reconcile the bank statement balance with the book balance.

Which of the Following Is NOT a Reconciling Item When