If a bank reconciliation included a deposit in transit of $1,240,the company's journal entry for this reconciling item would include:
A)nothing,because the deposit has already been recorded.
B)a debit to Cash of $1,240.
C)a credit to Cash of $1,240.
D)a credit to Accounts Receivable for $1,240.

Question

Quizplus · Accepted Answer

Journal entries are not needed for the reconciling items on the bank's side because the items have already been recorded by the company.

If a Bank Reconciliation Included a Deposit in Transit of $1,240,the