The Following Information Is Needed to Reconcile the Cash Balance $$\begin{array} { | l | r | r | } \hline \text { Accounts receivable } & 1,280 & \\\hline \text { Cash } & & 1,280 \\\hline\end{array}$$

question 8

Multiple Choice

The following information is needed to reconcile the cash balance for Woods Paper Products.
• A deposit of $5,794.62 is in transit.
• Outstanding checks total $1,533.25.
• The book balance is $5,695.62.
• The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current month's rent.
• The bank balance at February 28,2008 was $16,500.25.
• A deposit of $300 was credited by the bank for $3,000.
• A customer's check for $1,280 was returned for nonsufficient funds.
• The bank service charge is $70.
-
Which of the following journal entries is needed to adjust for the NSF check?

• A) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts receivable } & 1,280 & \\
• \hline \text { Cash } & & 1,280 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 1,280 & \\
• \hline \text { Sales revenue } & & 1,280 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { NSF check } & 1,280 & \\
• \hline \text { Cash } & & 1,280 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts payable } & 1,280 & \\
• \hline \text { Cash } & & 1,280 \\
• \hline
• \end{array}\]

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