Bank Reconciliation
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Last updated 3:07 PM on 12/23/25
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10 Terms
1
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Outstanding Checks
Checks that were recorded in the books but have not been paid by the bank yet
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How are outstanding checks reconciled?
Subtracted from bank balance
3
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Deposits in transit
Checks the company has recorded but that have not been processed by the bank
4
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How are deposits in transit reconciled?
they are Added to the bank balance
5
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Bank Credit Memos
The bank increases checking account amount
6
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Bank credit memo example
Loans
7
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How are Credit Memos reconciled?
They are added to the company’s books
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Bank Debit Memos
when the bank decreases the balance in the company checking account
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debit memo example
Bank fees
10
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Note 
Flashcards (30)