Following the February bank reconciliation, the accountant made the following entry in the journal of Kincaid Company: Account Title Debit Credit Accounts receivable 150 Cash 150 Which of the following is a possible explanation for this journal entry? Multiple Choice Bank charges owed by Kincaid to the bank. The bank statement included a debit memo advising of a customer's NSF check that was returned. The collection of an account receivable by the bank that has been deposited in Kincaid's account. The collection of an account receivable by Kincaid that is part of a deposit in transit.
Following the February bank reconciliation, the accountant made the following entry in the journal of Kincaid Company: Account Title Debit Credit Accounts receivable 150 Cash 150 Which of the following is a possible explanation for this journal entry? Multiple Choice Bank charges owed by Kincaid to the bank. The bank statement included a debit memo advising of a customer's NSF check that was returned. The collection of an account receivable by the bank that has been deposited in Kincaid's account. The collection of an account receivable by Kincaid that is part of a deposit in transit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Following the February bank reconciliation, the accountant made the following entry in the journal of Kincald Company.
Account Title
Debit
Credit
Accounts receivable 150
Cash
150
Which of the following is a possible explanation for this journal entry?
Multiple Choice
Bank charges owed by Kincaid to the bank.
The bank statement included a debit memo advising of a customer's NSF check that was returned.
The collection of an account receivable by the bank that has been deposited in Kincaid's account.
The collection of an account receivable by Kincaid that is part of a deposit in transit.
Transcribed Image Text:How is inventory turnover calculated?
Multiple Choice
Inventory divided by cost of goods sold
Sales divided by inventory
Beginning Inventory divided by the ending inventory
Cost of goods sold divided by Inventory
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