Which the following would result in an adjusting journal entry after preparing the bank reconciliation?
A) An error made by the bank for a deposit made in the amount of $650 and recorded as $560 in error.
B) Deposit made by the company in the amount of $650.
C) EFT receipt from customer on account.
D) Outstanding cheque in the amount of $250 issued by the company but not yet cleared by the bank.

Question

Quizplus · Accepted Answer

An EFT receipt from a customer on account would require an adjusting journal entry to record the receipt of cash and reduce the accounts receivable, as it represents a transaction not yet recorded in the company's books.

Which the Following Would Result in an Adjusting Journal Entry