Asked by Kennedy Kaiser on Jun 30, 2024
Verified
Deposits in transit are deposits made and recorded by the depositor,but not yet recorded on the bank statement.
Deposits In Transit
Refers to funds that have been deposited by a company but not yet recorded by the bank, often leading to a discrepancy in the balancing of accounts.
- Familiarize yourself with the operation and necessity of reconciling bank accounts.
Verified Answer
MM
Marissa MyersJul 06, 2024
Final Answer :
True
Explanation :
Deposits in transit are deposits that have been made by the depositor but are not yet recorded on the bank statement.
Learning Objectives
- Familiarize yourself with the operation and necessity of reconciling bank accounts.
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