Accounting 2000 Chapter 4
Showing posts with label Accounting 2000 Chapter 4. Show all posts
Showing posts with label Accounting 2000 Chapter 4. Show all posts

A company's monthly bank statement shows a collection of a note receivable by the bank in the amount of $500. Which of the following is one part of the journal entry needed to record the note collection by the company?

Naim 07:11 Add Comment

A company's monthly bank statement shows a collection of a note receivable by the bank in the amount of $500. Which of the following is one part of the journal entry needed to record the note collection by the company?




A. Credit to Notes Receivable for $500
B. Credit to Cash for $500
C. Debit to Notes Receivable for $500
D. Credit to Note Expense for $500





Answer: A

Springer Company listed outstanding checks totaling $4,500 on its September bank reconciliation. In October, the company issued checks totaling $45,700. The October bank statement shows that checks totaling $39,800 cleared the bank. In addition, a check from one of Springer's customers in the amount of $500 was returned as NSF. The outstanding checks on the October bank reconciliation should total

Naim 07:11 Add Comment

Springer Company listed outstanding checks totaling $4,500 on its September bank reconciliation. In October, the company issued checks totaling $45,700. The October bank statement shows that checks totaling $39,800 cleared the bank. In addition, a check from one of Springer's customers in the amount of $500 was returned as NSF. The outstanding checks on the October bank reconciliation should total


A. $1,400.
B. $9,900.
C. $5,900.
D. $10,400.




Answer: D
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