If a Bank Statement Included a Bank Collection and Related

question 102

Multiple Choice

If a bank statement included a bank collection and related interest revenue, the journal entry to record this reconciling item should include a:

• A) debit to Cash.
• B) credit to Cash.
• C) debit to Note Receivable.
• D) debit to Note Payable.

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Definitions:

Centralized Organizations

Organizations where decision-making authority is concentrated at the top levels of management.

Decentralized Organizations

Organizations that distribute power away from a central authority, often featuring a more spread out decision-making process.

Values-based Ethics

An ethical approach that is rooted in the core values and principals of an individual or organization, guiding decision-making and actions.

Explicit Mission Statement

A clear, concise statement that defines an organization's purpose and primary objectives.