ooley Company sent a deposit of $7,000 to the bank. The bank credited Dooley Company's checking account for a deposit of $700. In reconciling the bank statement, the bookkeeper saw the deposit of $700 instead of the bank recording it at $7,000. Which journal entry should Dooley Company prepare? A. Debit Cash for $6,300 and credit Accounts receivable for $6,300. B. Debit Cash for $6,300 and credit deposits for $6,300 C. Debit Cash for $6,300 and credit revenue for $6,300 D. No journal entry is required
ooley Company sent a deposit of $7,000 to the bank. The bank credited Dooley Company's checking account for a deposit of $700. In reconciling the bank statement, the bookkeeper saw the deposit of $700 instead of the bank recording it at $7,000. Which journal entry should Dooley Company prepare? A. Debit Cash for $6,300 and credit Accounts receivable for $6,300. B. Debit Cash for $6,300 and credit deposits for $6,300 C. Debit Cash for $6,300 and credit revenue for $6,300 D. No journal entry is required
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dooley Company sent a deposit of $7,000 to the bank. The bank credited Dooley Company's checking account for a deposit of $700. In reconciling the bank statement, the bookkeeper saw the deposit of $700 instead of the bank recording it at $7,000. Which
A. Debit Cash for $6,300 and credit
B. Debit Cash for $6,300 and credit deposits for $6,300
C. Debit Cash for $6,300 and credit revenue for $6,300
D. No journal entry is required
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