Solution-Record the adjustment that should be made by the

Record the adjustment that should be made by the company

Reference no: EM132639915

Question - Entries for Note Collected by Bank

Accompanying a bank statement for Nite Lighting Company is a credit memo for $68,325, representing the principal ($63,201) and interest ($5,124) 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 recording.

Record the adjustment that should be made by the company to bring the accounting records up to date.

If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

Reference no: EM132639915

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Record the adjustment that should be made by the company

Reference no: EM132639915

Reference no: EM132639915

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