In a bank reconciliation,items recorded by the bank,but not yet recorded by the company,include:
A)deposits in transit.
B)bank collections of accounts receivable.
C)outstanding checks.
D)both deposits in transit and outstanding checks.

Question

Quizplus · Accepted Answer

Bank collections of accounts receivable are transactions that the bank has processed on behalf of the company, such as collecting payments from customers, which the company may not have recorded yet. Deposits in transit and outstanding checks are items recorded by the company but not yet by the bank.

In a Bank Reconciliation,items Recorded by the Bank,but Not Yet