Question
On comparing the cash journals of SA Traders for the month ending 31 January 2020 with the bank statement for the same period, it was
On comparing the cash journals of SA Traders for the month ending 31 January 2020 with the bank statement for the same period, it was noted that an amount of R520 for interest received appears on the banks statement but has not been recorded in the subsidiary journals.
The correct entry in the accounting records of SA Traders should be the following:
A. An entry for R520 in the debit column of the bank reconciliation statement of SA Traders as at 31 January 2020. B. An entry of R520 in the cash payments journal of SA Traders for 31 January 2020. C. An entry of R520 in the credit column of the bank reconciliation statement of SA Traders as at 31 January 2020. D. An entry of R520 in the cash receipts journal of SA Traders for 31 January 2020.
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