If a Bank Reconciliation Included Deposits in Transit Amounting to $3,700

question 22

Multiple Choice

If a bank reconciliation included deposits in transit amounting to $3,700, the journal entry to record this reconciling item should:

• A)debit Deposit in Transit and credit Cash for $3,700.
• B)debit Accounts Receivable and credit Cash for $3,700.
• C)debit Cash and credit Deposit in Transit for $3,700.
• D)No entry is required.

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Definitions:

Time Series Smoothing

A technique to remove noise from a time series dataset, making it easier to identify trends and patterns.

Quarterly Sales

The total revenue or number of sales transactions made by a company during a three-month period, often used to track business performance.

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A business that specializes in selling motorcycles, often including related services such as maintenance and financing options.

Seasonal Indexes

Numerical values used to adjust data for the effect of seasonality, helping to understand patterns within specific time periods.