Jaxon Company gathered the following information from its accounting records and the November bank statement (which...

Transcribed Image Text:

Jaxon Company gathered the following information from its accounting records and the November bank statement (which reflected a Cash Bank Balance of $5,995) to prepare the November bank reconciliation: Cash Balance per Books Deposits in Transit Interest Received from Bank Bank Service Charge Outsanding Checks NSF Check from Customer $3,500 $150 $850 $30 $2,000 $175 What adjusting entry would Jaxon record for the NSF check bounced by the customer? Multiple Choice $175 $175 Cash Accounts Recelivable $175 $175 Accounts Recelvable Cash Accounts Payable $175 $175 Cash No adjusting entry is required for this reconciliation item. Jaxon Company gathered the following information from its accounting records and the November bank statement (which reflected a Cash Bank Balance of $5,995) to prepare the November bank reconciliation: Cash Balance per Books Deposits in Transit Interest Received from Bank Bank Service Charge Outsanding Checks NSF Check from Customer $3,500 $150 $850 $30 $2,000 $175 What adjusting entry would Jaxon record for the NSF check bounced by the customer? Multiple Choice $175 $175 Cash Accounts Recelivable $175 $175 Accounts Recelvable Cash Accounts Payable $175 $175 Cash No adjusting entry is required for this reconciliation item.

Answer rating: 100% (QA)

Answer Correct Option d No adjusting entry is required for this reconciliation item ... View the full answer