Which of the following transactions requires a journal entry?
A)The bank charged $50 for a stop payment on a check.
B)The bank deducted $50 from your account in error which they will fix.
C)The bank collected a note receivable with interest on your behalf.
D)A and C

Question

Quizplus · Accepted Answer

Option A requires a journal entry to record the bank fees, and option C requires a journal entry to record the interest earned on the note receivable. Option B does not require a journal entry, as the bank will fix the error and restore the correct balance in the account.

Which of the Following Transactions Requires a Journal Entry