The following items may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statement as a Debit or Credit Memo Increases or Decreases the Balance of the Company's Bank Account 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge
The following items may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statement as a Debit or Credit Memo Increases or Decreases the Balance of the Company's Bank Account 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Items on Company's Bank Statement
The following items may appear on a bank statement:
1. Bank correction of an error from recording a $6,200 deposit as $2,600
2. EFT payment
3. Note collected for company
4. Service charge
Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account:
Item |
Appears on the Bank Statement as a Debit or Credit Memo |
Increases or Decreases the Balance of the Company's Bank Account |
| 1. Bank correction of an error from recording a $6,200 deposit as $2,600 | ||
| 2. EFT payment | ||
| 3. Note collected for company | ||
| 4. Service charge |
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