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QS 7-9 Bank reconciliation LO6 1. Identify whether each of the following items affects the bank or book side of the end cate

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Answer #1

1)

Balance as per Bank Balance as per Book
Add: Add:
Deposit in transit a Interest on average monthly balance b
credit memos c
Less: Less:
Outstanding checks e Bank service charges d
Debit memos f
NSF Cheques g

2)Items that effect the book balance or that calls for adjustment in books requires journal entry as same has been reflected in Bank statement but not recorded in books.

Items requiring journal entry (b,c,d,f, & g)

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