Question: QUESTION 16 If a bank statement includes an EFT receipt of $200 for interest the journal entry to record this reconciling item should include a

 QUESTION 16 If a bank statement includes an EFT receipt of

QUESTION 16 If a bank statement includes an EFT receipt of $200 for interest the journal entry to record this reconciling item should include a dobit to interest Expense for $200 and credit to Prepaid interest for $200 debit to Cash for $200 and a credit to interest Revenue for $200 debit to interest Revenue for $200 and credit to Cash for $200 dobit to Accounts Receivable for $200 and a credit to interest Revenue for $200

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!