While preparing its bank reconciliation, Maynard Company determined that its bank had collected a $650 account receivable for the company and deducted a $25 ollection fee. Which of the following shows the effect of this transaction on the financial statements? . 3. D. Assets = Liabilities + (25) N/A 625 N/A (25) N/A 625 N/A Multiple Choice Balance Sheet O Option C Option B Option A Option D Stockholders' Equity (25) 625 (25) 625 Revenue N/A 650 N/A 650 Income Statement Expense 25 25 25 25 Net Income Statement of Cash Flows 625 OA 650 OA 650 OA 625 OA (25) 625 (25) 625
While preparing its bank reconciliation, Maynard Company determined that its bank had collected a $650 account receivable for the company and deducted a $25 ollection fee. Which of the following shows the effect of this transaction on the financial statements? . 3. D. Assets = Liabilities + (25) N/A 625 N/A (25) N/A 625 N/A Multiple Choice Balance Sheet O Option C Option B Option A Option D Stockholders' Equity (25) 625 (25) 625 Revenue N/A 650 N/A 650 Income Statement Expense 25 25 25 25 Net Income Statement of Cash Flows 625 OA 650 OA 650 OA 625 OA (25) 625 (25) 625
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.21E
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Question
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![While preparing its bank reconciliation, Maynard Company determined that its bank had collected a $650 account receivable for the company and deducted a $25
collection fee. Which of the following shows the effect of this transaction on the financial statements?
Assets =
A.
(25)
B. 625
C. (25)
D.
625
Multiple Choice
Balance Sheet
Liabilities +
N/A
N/A
N/A
N/A
Option C
Option B
Option A
Option D
Stockholders
Equity
(25)
625
(25)
625
Revenue
N/A
650
N/A
650
Income Statement
Expense = Net Income Statement of Cash Flows
25
625 OA
25
650 OA
25
650 OA
25
625 OA
(25)
625
(25)
625](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98cdd744-22e3-40ee-944f-fd69faffa029%2F7063a706-6050-4d1f-a038-306350f22193%2Fdg9edc6_processed.png&w=3840&q=75)
Transcribed Image Text:While preparing its bank reconciliation, Maynard Company determined that its bank had collected a $650 account receivable for the company and deducted a $25
collection fee. Which of the following shows the effect of this transaction on the financial statements?
Assets =
A.
(25)
B. 625
C. (25)
D.
625
Multiple Choice
Balance Sheet
Liabilities +
N/A
N/A
N/A
N/A
Option C
Option B
Option A
Option D
Stockholders
Equity
(25)
625
(25)
625
Revenue
N/A
650
N/A
650
Income Statement
Expense = Net Income Statement of Cash Flows
25
625 OA
25
650 OA
25
650 OA
25
625 OA
(25)
625
(25)
625
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