FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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