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In preparing the monthly bank reconciliation, Jon Ltd ascertains that there is a note collected by the bank for $600 and an interest on overdraft
In preparing the monthly bank reconciliation, Jon Ltd ascertains that there is a note collected by the bank for $600 and an interest on overdraft charge of $75. Outstanding cheques total $2 600 and there is a deposit in transit for $1 700. It will be necessary to make journal entries for: Select one: a. the note collected for $600 and the interest charge of $75. b. the outstanding cheques of $2 600 and the deposit in transit of $1 700. O c. the note collected for $600, the interest charge of $75 and outstanding cheques of $2 600. O d. only the interest on overdraft charge of $75
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