Marshall Company's bank reconciliation as of August 31 is shown below. The adjusting journal entries that Marshall must record for the deposit in transit is:
A)Debit Cash $4,500; credit Sales $4,500.
B)Debit Sales $4,500; credit Notes Receivable $4,500.
C)Debit Cash $4,500; credit Note Payable $4,500.
D)Debit Misc.Expense $4,500; credit Cash $4,500.
E)No journal entry is required.

Question

Marshall Company's bank reconciliation as of August 31 is shown below.  The adjusting journal entries that Marshall must record for the deposit in transit is:
A)Debit Cash $4,500; credit Sales $4,500. 
B)Debit Sales $4,500; credit Notes Receivable $4,500. 
C)Debit Cash $4,500; credit Note Payable $4,500. 
D)Debit Misc.Expense $4,500; credit Cash $4,500. 
E)No journal entry is required.

Quizplus · Accepted Answer

The Answer of Marshall Company's bank reconciliation as of August 31 is shown below.  The adjusting journal entries that Marshall must record for the deposit in transit is:
A)Debit Cash $4,500; credit Sales $4,500. 
B)Debit Sales $4,500; credit Notes Receivable $4,500. 
C)Debit Cash $4,500; credit Note Payable $4,500. 
D)Debit Misc.Expense $4,500; credit Cash $4,500. 
E)No journal entry is required.

Marshall Company's Bank Reconciliation as of August 31 Is Shown