Which of the Following Transactions Requires a Journal Entry

question 57

Multiple Choice

Which of the following transactions requires a journal entry?

• A)The bank charged $50 for a stop payment on a check.
• B)The bank deducted $50 from your account incorrectly.
• C)The bank collected a note receivable with interest on your behalf.
• D)A and C

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Definitions:

Control Procedures

Policies and procedures that are put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Beginning Balance

The amount of funds or value of an account at the start of a new financial period.

Cash Account

An account in a brokerage or financial statement that shows the amount of cash available for transactions.

Cash Payments

Monetary transactions involving the outflow of cash to settle debts, purchase goods, or acquire services.