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Author Question: Accompanying the bank statement was a credit memo for a short-term note collected by the bank for ... (Read 180 times)

WWatsford

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on: Jul 5, 2018
Accompanying the bank statement was a credit memo for a short-term note collected by the bank for thecustomer. 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 and Interest Revenue
  d. debit Accounts Receivable; credit Cash

Question 2

Cash from operating activities includes ________.
 
  A) all cash receipts and all cash disbursements for long-term business assets
  B) all cash receipts and all cash disbursements for loans, contributions from owners, and distributions to owners
  C) all cash receipts and cash disbursements for routine sales and payments made in the course of doing business
  D) detailed estimates of the sources of cash and uses of cash


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kilada

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Reply #1 on: Jul 5, 2018
Answer to Question 1

c

Answer to Question 2

C


WWatsford

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

Mochi

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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