Dooley Company Sent a Deposit of $5,000 to the Bank

question 137

Multiple Choice

Dooley Company sent a deposit of $5,000 to the bank.The bank credited Dooley Company's checking account for a deposit of $500.When Dooley received the bank statement,they saw the deposit of $500.What journal entry should Dooley Company prepare?

• A)Debit Cash for $4,500 and credit Deposits fo $4,500.
• B)Debit Cash for $4,500 and credit Revenue for $4,500.
• C)Debit Cash for $4,500 and credit Accounts Receivable for $4,500.
• D)No journal entry is required.

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