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Author Question: Whenever the bank mails a credit memo to the depositor indicating the amount of interest credited to ... (Read 428 times)

Evvie72

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on: Jul 5, 2018
Whenever the bank mails a credit memo to the depositor indicating the amount of interest credited to the account, the transaction that would be entered in the accounting records of the depositor would include
 a. debiting Interest Earned and crediting Cash.
   b. debiting Interest Expense and crediting Cash.
   c. debiting Cash and crediting Interest Earned.
   d. debiting Cash and crediting Interest Expense.

Question 2

A classified balance sheet shows subtotals for ________.
 
  A) revenues and expenses
  B) current assets, long-term assets, current liabilities, long-term liabilities and shareholders' equity
  C) operating activities, investing activities and financing activities
  D) retained earnings, net income, and dividends


debra928

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

c

Answer to Question 2

B


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