On November 30, Cactus Company's cash balance per its general ledger is $7,844. The bank's cash balance per the November 30 bank statement is $5,942. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding Interest earned on bank account Service fee Multiple Choice O Account Cash Service Fee Expense What journal entry should the company make after performing the bank reconciliation to adjust its Cash account by recording any items that increase cash? Account Cash Interest Revenue O Account Interest Revenue Cash Account Cash $ $ Interest Revenue Deposits Outstanding $ LALA 1,325 3,238 36 25 Debit Debit Debit Debit 25 36 36 3,724 Credit Credit Credit Credit 25 36 36 36 3,238
On November 30, Cactus Company's cash balance per its general ledger is $7,844. The bank's cash balance per the November 30 bank statement is $5,942. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding Interest earned on bank account Service fee Multiple Choice O Account Cash Service Fee Expense What journal entry should the company make after performing the bank reconciliation to adjust its Cash account by recording any items that increase cash? Account Cash Interest Revenue O Account Interest Revenue Cash Account Cash $ $ Interest Revenue Deposits Outstanding $ LALA 1,325 3,238 36 25 Debit Debit Debit Debit 25 36 36 3,724 Credit Credit Credit Credit 25 36 36 36 3,238
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
23
![On November 30, Cactus Company's cash balance per its general ledger is $7,844. The bank's cash
balance per the November 30 bank statement is $5,942. The following information is gathered from the bank
statement and company records:
Checks outstanding
Deposits outstanding
Interest earned on bank account
Service fee
Multiple Choice
O Account
Cash
What journal entry should the company make after performing the bank reconciliation to adjust its Cash
account by recording any items that increase cash?
O
Service Fee Expense
O
Account
Cash
Interest Revenue
O Account
Interest Revenue
Cash
Account
Cash
$
Interest Revenue
Deposits Outstanding
$
1,325
3,238
36
25
Debit
Debit
Debit
Debit
25
36
36
3,724
Credit
Credit
Credit
Credit
25
36
36
36
3,238](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F746c528c-1bb1-4b60-ba79-65bd8df817d1%2F6c25e637-77af-4fbe-b148-98c7d589ef21%2F62drvx8_processed.png&w=3840&q=75)
Transcribed Image Text:On November 30, Cactus Company's cash balance per its general ledger is $7,844. The bank's cash
balance per the November 30 bank statement is $5,942. The following information is gathered from the bank
statement and company records:
Checks outstanding
Deposits outstanding
Interest earned on bank account
Service fee
Multiple Choice
O Account
Cash
What journal entry should the company make after performing the bank reconciliation to adjust its Cash
account by recording any items that increase cash?
O
Service Fee Expense
O
Account
Cash
Interest Revenue
O Account
Interest Revenue
Cash
Account
Cash
$
Interest Revenue
Deposits Outstanding
$
1,325
3,238
36
25
Debit
Debit
Debit
Debit
25
36
36
3,724
Credit
Credit
Credit
Credit
25
36
36
36
3,238
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