If a Bank Reconciliation Included a Deposit in Transit of $670,the

question 112

Multiple Choice

If a bank reconciliation included a deposit in transit of $670,the company's journal entry for this reconciling item would include:

• A) nothing, because the deposit has already been recorded
• B) a debit to Cash of $670
• C) a credit to Cash of $670
• D) a credit to Accounts Receivable for $670

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Definitions:

U.S. Currency

The system of money in general use in the United States, primarily represented by the Federal Reserve Notes (dollar bills) and coins.

Trade Flows

The movement of goods and services across borders, reflecting the export and import activities between countries.

Importers And Exporters

Entities engaged in the business of buying goods from foreign countries for local resale (importers) and selling domestic goods to foreign countries (exporters).

Absolute Advantage

a condition in which a country, individual, or firm can produce more of a good or service with the same amount of resources than others can.