Copeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 Book balance Note collection. + Deposit in transit 3,600 - Outstanding checks 2,380 Check printing Adjusted bank balance $ 40,163 Adjusted book balance One of the journal entries that Copeland must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $3,600; credit Accounts Receivable $3,600. Debit Cash $875; credit Notes Receivable $875. Debit Miscellaneous Expense $50, credit Accounts Payable $50. Debit Cash $3,600; credit Sales $3,600 $ 39,338 +875 -50 $ 40,163

Copeland Company's bank reconciliation as of February 28 is shown below. Bank balance $ 38,943 Book balance Note collection. + Deposit in transit 3,600 - Outstanding checks 2,380 Check printing Adjusted bank balance $ 40,163 Adjusted book balance One of the journal entries that Copeland must record as a result of the bank reconciliation includes: Multiple Choice Debit Cash $3,600; credit Accounts Receivable $3,600. Debit Cash $875; credit Notes Receivable $875. Debit Miscellaneous Expense $50, credit Accounts Payable $50. Debit Cash $3,600; credit Sales $3,600 $ 39,338 +875 -50 $ 40,163

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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