A Customer's Check for $1,270 Was Returned for Nonsufficient Funds $$\begin{array} { | c | r | r | } \hline \text { Accounts Receivable } & 1,270 & \\\hline \text { Cash } & & 1,270 \\\hline\end{array}$$

question 106

Multiple Choice

A customer's check for $1,270 was returned for nonsufficient funds.Which of the following journal entries is needed to adjust for the NSF check?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Receivable } & 1,270 & \\
• \hline \text { Cash } & & 1,270 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 1,270 & \\
• \hline \text { Sales Revenue } & & 1,270 \\
• \hline
• \end{array}\]
• C) \(\begin{array}{|l|r|r|}
• \hline \text { NSF Check } & 1,270 & \\
• \hline \text { Cash } & & 1,270 \\
• \hline
• \end{array}\)
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts Payable } & 1,270 & \\
• \hline \text { Cash } & & 1,270 \\
• \hline
• \end{array}\]

Understand the impact of changing interest rates on investment growth.

Apply financial formulas to assess the economic value of annuities and lump sum payments.

Analyze financial options to maximize economic benefits.

Calculate equivalent periodic interest rates for different compounding intervals.

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