Following the February bank reconciliation, the accountant made the following entry in the journal of Kincaid Company:Accounts receivable150 Cash 150 Which of the following is a possible explanation for this journal entry?
A. The collection of an account receivable by the bank that has been deposited in Kincaid's account.
B. The bank statement included a debit memo advising of a customer's NSF check that was returned
C. The collection of an account receivable by Kincaid that is part of a deposit in transit
D. Bank charges owed by Kincaid to the bank.
Answer: B
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