Which of the following situations would cause the balance per bank to be more than the...
Which of the following situations would cause the balance per bank to be more than the balance per books?
Multiple Choice
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Outstanding checks
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Deposits in transit
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Service charges
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Checks from customers returned as NSF
Homework Answers
Answer
Outstanding checks
Explanation:
Deposit in transit, Service charges and Checks from customers returned as NSF will cause the balance per bank to be less than the balance per books.
Outstanding checks mean that the check has been issued by the company but has not been cleared by the bank. The book has been reduced but the passbook has not been reduced. This would cause the balance per bank to be more than the balance per books.
In case of any doubt, please comment.
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