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

question 137

Multiple Choice

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

• A)should debit Deposit in Transit and credit Cash for $3,700.
• B)should debit Cash and credit Deposit in Transit for $3,700.
• C)should debit Accounts Receivable and credit Cash for $3,700.
• D)is not required.

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Definitions:

Synergy

The creation of a whole that is greater than the sum of its parts, often resulting from effective teamwork and collaboration.

Moreland's Studies

Research conducted by psychologist Richard Moreland, often focusing on group dynamics and how familiarity impacts group cohesion and attractiveness.

Team Training

A systematic approach for enhancing the skills of team members to improve team performance and efficiency.

Transactive Memory

A shared system of remembering information among the members of a group, where individuals rely on one another to remember different pieces of information.