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Learning Objective 3: Design and use a bank reconciliation)

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Learning Objective 3: Design and use a bank reconciliation) The following items appear on a bank

reconciliation:

  • 1. —Service charge
  • 2. —Book error: We debited Cash for $100. The correct debit was $1,000.
  • 3. —NSFcheck
  • 4. —Bank collection of a note receivable on our behalf
  • 5. —Deposits in transit
  • 6. —Bank error: The bank credited our account for a deposit made by another bank customer.
  • 7. —Outstanding checks

Classify each item as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance.

 
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