SUNDAYabout:blanklawkes Learning | Homeion IISavedHelpSave & ExitEgrane, Inc.s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the periodshowed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service chargesof $24 and the EFT from a customer in payment of the customer's account of $1,200.What journal entry should be recorded by Egrane for the EFT?=32Multiple ChoiceDebit Cash and credit Sales Revenue for $1,200.No journal entry is necessary for this item.Debit Accounts Receivable and credit Cash for $1,200.Debit Cash and credit Accounts Receivable for $1,20.< Prev6 of 45Next >MacBookDIIDD吕0F8F9F10F3F4F5F6F7#324&へ4.6789TYつ

Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges of $24 and the EFT from a customer in payment of the customer's account of $1,200O. What journal entry should be recorded by Egrane for the EFT? Multiple Choice Debit Cash and credit Sales Revenue for $1,200. No journal entry is necessary for this item. Debit Accounts Receivable and credit Cash for $1,200. Debit Cash and credit Accounts Receivable for $1,200.

Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges of $24 and the EFT from a customer in payment of the customer's account of $1,200O. What journal entry should be recorded by Egrane for the EFT? Multiple Choice Debit Cash and credit Sales Revenue for $1,200. No journal entry is necessary for this item. Debit Accounts Receivable and credit Cash for $1,200. Debit Cash and credit Accounts Receivable for $1,200.

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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