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Posted: December 7th, 2024
Sally Kist owns Linen Kist Fabrics. Sally asks you to explain
Sally Kist owns Linen Kist Fabrics. Sally asks you to explain how she should treat the following reconciling items when reconciling the company"s bank account: (1) a debit memorandum for an NSF check, (2) a credit memorandum for a note collected by the bank, (3) outstanding checks, and (4) a deposit in transit.
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