Day Time Company Records the Receipts from Cash Sales of $41,200

question 30

Multiple Choice

Day Time Company records the receipts from cash sales of $41,200 as $12,400.What adjustment is required in the bank's accounts?

• A) No adjustment needed
• B) Increase Sales; decrease Cash
• C) Increase Cash; decrease Sales
• D) Increase Cash; decrease Accounts Receivable

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Definitions:

Courts of Chancery

Courts that have jurisdiction over matters of equity, including trusts, land use, and the administration of estates, historically separate from courts of law.

Common Law

A legal system based on court precedents and customs, rather than codified written laws.

Civil Law

The system of law concerned with private relations between members of a community rather than criminal, military, or religious affairs.

Parliamentary Supremacy

The principle that Parliament has the highest legal authority within a jurisdiction, making laws that are not subject to judicial review or limitation by other bodies.