The Following Information Is Available to Reconcile Sleepy Time Bedding's

question 64

Multiple Choice

The following information is available to reconcile Sleepy Time Bedding's book balance of cash with its bank statement cash balance as of July 31:


What is the appropriate journal entry to record the collection made by the bank?

• A) Debit to cash $9,500 credit to accounts receivable $9,500.
• B) Credit to accounts receivable $9,500 credit to cash $9,500.
• C) Debit to cash $9,452 debit to collection expense $48 credit accounts receivable $9,500.
• D) Debit to cash $9,452 debit to collection expense $48 credit notes receivable $9,500.
• E) No adjusting entry is necessary.

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Definitions:

Greatest Volume

Refers to the largest amount or capacity of something, often used in various contexts like measurements, storage, or descriptions of space.

Ocean Water

The saltwater that makes up the oceans covering most of the Earth's surface, distinct from fresh water.

Salinity

The concentration of salt in water or soil, which can influence the distribution of plant and animal species.

Nutrient Inputs

The introduction of essential nutrients into an ecosystem or environment, typically influencing growth and development of organisms.