select all that apply\nthe bank reconciliation of xyz co. is provided below. demonstrate the entries needed…

select all that apply\nthe bank reconciliation of xyz co. is provided below. demonstrate the entries needed to update the cash account in the general ledger by selecting the correct answers below.\nbank statement balance $2,010 book balance $2,200\nadd: deposit in transit 600 add: note receivable collected by bank 100\nless: outstanding checks 370 less: bank service charges 60\ndebit note receivable $100 and credit cash $100.\ndebit miscellaneous expense $370 and credit cash $370.\ndebit cash $100 and credit note receivable $100.\ndebit cash $600 and credit revenues $600.\ndebit bank service charge expense $60 and credit cash $60.

select all that apply\nthe bank reconciliation of xyz co. is provided below. demonstrate the entries needed to update the cash account in the general ledger by selecting the correct answers below.\nbank statement balance $2,010 book balance $2,200\nadd: deposit in transit 600 add: note receivable collected by bank 100\nless: outstanding checks 370 less: bank service charges 60\ndebit note receivable $100 and credit cash $100.\ndebit miscellaneous expense $370 and credit cash $370.\ndebit cash $100 and credit note receivable $100.\ndebit cash $600 and credit revenues $600.\ndebit bank service charge expense $60 and credit cash $60.

Answer

Brief Explanations:

  1. When the bank collects a note - receivable for the company, the company's cash increases and the note - receivable decreases. So, debit Cash $100 and credit Note Receivable $100.
  2. Bank service charges are an expense for the company. They reduce the cash balance in the general ledger. So, debit Bank Service Charge Expense $60 and credit Cash $60.

Answer:

C. Debit Cash $100 and credit Note Receivable $100. E. Debit Bank Service Charge Expense $60 and credit Cash $60.