Explain whether items appear as debit/credit memo on the bank statement and whether items increase/decrease the balance of the company’s account.

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Chapter 7, Problem 2BE

To determine

Explain whether items appear as debit/credit memo on the bank statement and whether items increase/decrease the balance of the company’s account.

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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 posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check 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 Statementas a Debit or Credit Memo Increases or Decreases theBalance of the Company's Bank Account 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check

Items on company bank statement: 1. Bank correction of an error from posting another customers check(disbursement) to the company account 2. EFT deposit 3. Loan proceeds 4. NSF. Using the following format 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 account.

The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Using the following format, 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 bal- ance of the company's account: Appears on the Bank Statement as a Debit or Credit Increases or Decreases the Balance of the Company's Bank Account Item No. Memo