Asked by

Nahime Tanuz
on Nov 14, 2024

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An adjusting entry is not required for

A) outstanding checks.
B) collection of a note by the bank.
C) NSF checks.
D) bank service charges.

NSF Checks

Non-sufficient funds checks, a term used when a check cannot be honored because the drawer's account lacks enough money.

Outstanding Checks

Checks that are recorded in the financial records but haven't been cashed or processed by the bank yet.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the appropriate period.

  • Embrace the methodology and critical value of banking reconciliation transactions.
  • Distinguish between the different types of entries (debit or credit) needed for various reconciliation items.
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NC
Nathan ConleyNov 17, 2024
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