Questions: Knowledge Check 01 For each of the items listed below, indicate whether the company needs to prepare a journal entry relating to this item to ad book balance to the correct balance? 1. The company's bank reconciliation on June 30 included outstanding checks that totaled 4,000 at June 30. 2. The company's bank reconciliation on June 30 included deposits in transit that totaled 3,000 on June 30. 3. The company's bank reconciliation on June 30 included a credit memorandum in the amount of 150 for interest. 4. The company's bank reconciliation on June 30 included check #1221 (in payment of an account payable) written for 4,900, but recorded in the accounting records as 4,090.

Transcript text: Knowledge Check 01 For each of the items listed below, indicate whether the company needs to prepare a journal entry relating to this item to ad book balance to the correct balance? \begin{tabular}{|l|l|} \hline 1. The company's bank reconciliation on June 30 included outstanding checks that totaled $\$ 4,000$ at June 30. \\ \hline 2. The company's bank reconciliation on June 30 included deposits in transit that totaled $\$ 3,000$ on June 30. \\ \hline 3. The company's bank reconciliation on June 30 included a credit memorandum in the amount of $\$ 150$ for interest \\ \hline 4. The company's bank reconciliation on June 30 included check \#1221 (in payment of an account payable) written \\ for $\$ 4,900$, but recorded in the accounting records as $\$ 4,090$. \\ \hline \end{tabular}