Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable.
No Journal
Journal
Entry
Entry
Transaction
Needed
Needed
Debit
Credit
Outstanding check
Interest income
NES check
Wire transfer by customer
Deposit in transit
Bank charges
Transcribed Image Text:Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank charges
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Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances. 

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