What journal entry must be prepared when the company is notified by the bank that a customer's check that had been deposited in the amount of $776 was returned NSF?
A) Debit Accounts Receivable and credit Cash in the amount of $776.
B) Debit Cash and credit Accounts Receivable in the amount of $776.
C) Debit NSF Check Expense and credit Accounts Receivable in the amount of $776.
D) No journal entry is necessary.
Correct Answer:
Verified
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