If a Bank Statement Included a Bank Collection and Related

question 90

Multiple Choice

If a bank statement included a bank collection and related interest revenue, the journal entry to record this reconciling item would include a:

• A) debit to Note Payable
• B) debit to Note Receivable
• C) credit to Cash
• D) debit to Cash

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Definitions:

Mixed Economy

An economy in which production and distribution is done partly by the private sector and partly by the government.

Pure Communism

An idealized form of communism in which there is no need for a state and goods are distributed according to people's needs.

China

The world's most populous country, with a complex economy that is one of the largest globally and a rich cultural history.

Soviet Union

A former federal socialist state in Eastern Europe and Northern Asia, existing from 1922 until its dissolution in 1991, comprising multiple Soviet republics.