If a bank statement included an EFT payment of $945 for insurance, the journal entry to record this reconciling item should include a:
A) debit to Accounts Payable for $945.
B) credit to Cash for $945.
C) credit to Prepaid Insurance for $945.
D) debit to Cash for $945.
Correct Answer:
Verified
Q55: A bank statement included a NSF check
Q56: In a bank reconciliation, items recorded by
Q57: Bill Bosworth files a tax return overstating
Q58: There are two records of a business's
Q59: A bank deposit of $450 recorded by
Q61: The AICPA Code of Professional Conduct and
Q62: The treasurer is the chief accounting officer
Q64: A fund with a small amount of
Q65: The first step in the four- step
Q127: A cash budget is prepared by subtracting
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents