The bank statement contained an adjustment of $410 for a note receivable collected by the bank on behalf of Show Me, Inc. ($382 principal and $28 interest) As far as bank reconciliation, does the $410 go on the bank side or the cash account side? Or would it be split between the 2 sides, and how?
The bank statement contained an adjustment of $410 for a note receivable collected by the bank on behalf of Show Me, Inc. ($382 principal and $28 interest) As far as bank reconciliation, does the $410 go on the bank side or the cash account side? Or would it be split between the 2 sides, and how?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.21E
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The bank statement contained an adjustment of $410 for a note receivable collected by the bank on behalf of Show Me, Inc. ($382 principal and $28 interest)
As far as bank reconciliation, does the $410 go on the bank side or the cash account side? Or would it be split between the 2 sides, and how?
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