Which of the following items will require an adjusting journal entry on a company's books? Multiple...
Which of the following items will require an adjusting journal entry on a company's books?
Multiple Choice
-
EFT received from a customer
-
Error made by the bank
-
Deposits in transit
-
Outstanding checks
Homework Answers
Answer
A. EFT received from a customer
Explanation:
- Electronic Fund Transfer (EFT) is received from the customer directly in the bank account. So, cash book in the books of accounts needs to be debited by the same amount.
- An error made by the bank, Deposits in transit, Outstanding checks do not require any adjustment in books as changes are needed to be made in the Passbook(Bank statement).
- Correct option is A
In case of any doubt, please comment.
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