Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries.
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