Reference no: EM133000058
Problem 1: Day Time Company records the receipts from cash sales of $41,200 as $12,400. What adjustment is required in the bank's accounts?
a.Increase Cash; decrease Sales
b.Increase Cash; decrease Accounts Receivable
c.Increase Sales; decrease Cash
d.No adjustment needed
Problem 2: A credit memorandum from the bank ____.
a.is used to show a bank service charge
b.shows the bank has collected a note receivable for the customer
c.decreases a bank customer's account
d.shows that a company has deposited a customer's NSF check
Problem 3: A bank issues credit memos for ____.
a.customer checks returned for not sufficient funds
b.interest earned on the company's account
c.payments made by electronic funds transfer
d.service charges
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