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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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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