Following the February bank reconciliation,the accountant made the following entry in the journal of Kincaid Company:
This journal entry may have been used to record:
A) an NSF check received by Kincaid from a customer.
B) the collection of an account receivable by Kincaid that is part of a deposit in transit.
C) bank charges owed by Kincaid to the bank.
D) the collection of an account receivable by the bank that has been deposited in Kincaid's account.
Correct Answer:
Verified
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