During August, 10,000 units were produced. The standard quantity of material allowed per unit was 10 pounds at a standard cost o
1 answer:
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Answer:
c. Debit Cash $745; credit Note Receivable $745.
Explanation:
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a. This entry has already been recorded in the company's accounts. It should be reconciled with the Bank Account.
b. A miscellaneous expense has been incurred but it was paid and not on credit.
c. Correct Entry. As you can see that a Note Receivable has been collected by bank from customer. So, we have to increase the Cash balance by debiting it and remove the receivables by crediting it.
d. Sales transaction is never a part of Bank Reconciliation.
e. $745 has been collected from customer and not paid to vendor. The amount paid is $1,730 which is already recorded in the Books.
