If a Bank Statement Includes an EFT Receipt of $200

question 39

Multiple Choice

If a bank statement includes an EFT receipt of $200 for interest,the journal entry to record this reconciling item should include a:

• A)debit to Cash for $200 and a credit to Interest Revenue for $200.
• B)debit to Accounts Receivable for $200 and a credit to Interest Revenue for $200.
• C)debit to Interest Revenue for $200 and credit to Cash for $200.
• D)debit to Interest Expense for $200 and credit to Prepaid Interest for $200.

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Definitions:

Senior Salespeople

Experienced sales professionals who usually handle key accounts and are often involved in strategic decisions within the sales department.

Relationship Selling

A sales technique that focuses on building, maintaining, and enhancing interactions with customers to develop long-term satisfaction and loyalty.

Combination Of Salary

The total compensation package for an employee, combining base salary with additional benefits or bonuses.

Commission

A form of payment to an agent or employee based on a percentage of the sales they generate or on completing a particular transaction.