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Mason Company Gathered the Following Information from Its Accounting Records

Question 107

Multiple Choice

Mason Company gathered the following information from its accounting records and the October bank statement to prepare the October bank reconciliation:
Mason Company gathered the following information from its accounting records and the October bank statement to prepare the October bank reconciliation: -Use the information above to answer the following question.What journal entry would Mason Company be required to record for the interest received from the bank? A) debit Interest Revenue and credit Cash for $850 B) No journal entry is required because the bank is aware of the interest payment C) debit Interest Receivable and credit Interest Revenue for $850 D) debit Cash and credit Interest Revenue for $850
-Use the information above to answer the following question.What journal entry would Mason Company be required to record for the interest received from the bank?


A) debit Interest Revenue and credit Cash for $850
B) No journal entry is required because the bank is aware of the interest payment
C) debit Interest Receivable and credit Interest Revenue for $850
D) debit Cash and credit Interest Revenue for $850

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