If a Bank Statement Included an EFT Payment of $670

question 99

Multiple Choice

If a bank statement included an EFT payment of $670 for insurance, the journal entry to record this reconciling item would include a:

• A) credit to Cash for $670
• B) debit to Accounts Payable for $670
• C) debit to Cash for $670
• D) credit to Prepaid Insurance for $670

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Definitions:

Coupons

Discount vouchers or codes that consumers can use to save money on purchases.

Collaborative Consumption

An economic model based on sharing, swapping, trading, or renting products and services, enabling access over ownership.

Mass Customization

A manufacturing and marketing technique that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.

Social Communities

Online platforms or groups where individuals with common interests gather to communicate, share, and engage.