Answered: Henry Johnson runs a book store. Henry…

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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Question

Henry Johnson runs a book store. Henry receives his bookstore's bank statement for the month of March, in which bank charges of $25 were deducted. Which of the following entries records this transaction in the store's general journal?

a.A debit to Miscellaneous Expense account for $25 and a credit to Cash account for $25

b.A debit to Cash account for $25 and a credit to Miscellaneous Expense account for $25

c.A debit to Miscellaneous Expense account for $25 and a credit to Profit and Loss account for $25

d.A debit to Profit and Loss account for $25 and a credit to Miscellaneous Expense account for $25

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