If a Bank Statement Included a Bank Collection of a Note

question 109

Multiple Choice

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

• A)debit to Note Receivable and a credit to Cash.
• B)debit to Cash and a credit to Note Receivable.
• C)debit to Cash,credit to Note Receivable,and credit to Interest Revenue.
• D)debit to Note Payable,credit to Cash and credit to Interest Revenue.

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Definitions:

Income Quintile

A statistical measure dividing the population into five equal groups according to their income levels, to analyze economic inequality.

U.S. Bureau of Census

A principal agency of the U.S. Federal Statistical System responsible for collecting and analyzing data related to the population, economy, and society of the United States.

Income Inequality

The unequal distribution of income within a population, often measured using various statistical methods to highlight disparities between the richest and poorest segments.

Income Inequality

Refers to the uneven distribution of income and wealth across the various participants in an economy.