Accompanying the Bank Statement Was a Credit Memo for a Short-Term

question 164

Multiple Choice

Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?

• A) debit Notes Receivable; credit Cash
• B) debit Cash; credit Miscellaneous Income
• C) debit Cash; credit Notes Receivable
• D) debit Accounts Receivable; credit Cash

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Definitions:

Career Development

The process of managing life, learning, and work over the lifespan to achieve personal career goals.

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The process by which counselors evaluate or appraise a client's issues, needs, or progress through various methods and tools.

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