41) 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 incorrectly.
C) The bank collected a note receivable with interest on your behalf.
D) A and C
42) The bookkeeper recorded a payment on account as $120 instead of the correct amount of $210. What journal entry is required?
A) Debit Accounts Payable for $210 and credit Cash for $210.
B) Debit Accounts Receivable for $210 and credit Cash for $210.
C) Debit Accounts Payable for $90 and credit Cash for $90.
D) Debit Cash for $90 and credit Accounts Payable for $90.
43) Dooley Company sent a deposit of $5,000 to the bank. The bank credited Dooley Company's checking account for a deposit of $500. When Dooley received the bank statement, they saw the deposit of $500. What journal entry should Dooley Company prepare?
A) Debit Cash for $4,500 and credit Deposits fo $4,500.
B) Debit Cash for $4,500 and credit Revenue for $4,500.
C) Debit Cash for $4,500 and credit Accounts Receivable for $4,500.
D) No journal entry is required.
44) Corbin Company was charged $25 for a check printing fee associated with their checking account. What journal entry is required?
A) Debit Miscellaneous Expense for $25 and credit Accounts Payable for $25.
B) Debit Miscellaneous Expense for $25 and credit Accounts Receivable for $25.
C) Debit Miscellaneous Expense for $25 and credit Cash for $25.
D) No journal entry is required.
45) The following information is available for Golden Image, Inc.:
•The bank statement indicated a monthly service charge of $200.
•Golden Image made a deposit on June 30, but this deposit did not appear on the bank statement until July 6. The amount of the deposit was $2,660.
•The bank collected an account receivable of $900 from one of Golden Image's customers.
•The bank also collected interest revenue for Golden Image of $99.
•The bank also returned a nonsufficient funds check for $378 from John Able, one of Golden Image's customers.
•Checks #1874 for $1,140, #1898 for $609, and #1899 for $875 were written by Golden Image and sent to the respective companies, but these checks do not appear on the bank statement.
•The balance on the bank statement as of June 30 was $16,711.
•On June 30, the Cash account from Golden Image's books showed an amount of $16,326.
Required:
1. Prepare the bank reconciliation at June 30 for Golden Image, Inc.
2. Prepare the necessary journal entries by Golden Image, Inc., at June 30.