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Q: On a bank reconciliation, deposits in transit are

  • 1
    added to the book balance
  • 2
    added to the bank balance
  • 3
    deducted from the book balance
  • 4
    None of the above
  • Show Answer
  • Workspace

Answer : 2. "added to the bank balance"
Explanation :

Answer: B) added to the bank balance Explanation: A deposit in transit is cash (currency, coins, checks, electronic transfers) that a company has received and is rightfully reported as Cash on its balance sheet, but does not appear on the bank statement until a later date.

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