The following items may appear on a bank statement: 1.  Bank correction of an error from recording a $6,200 deposit as $2,600 2.  EFT payment 3.  Note collected for company 4.  Service charge 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 Statement as a Debit or Credit Memo Increases or Decreases the Balance of the Company's Bank Account 1.  Bank correction of an error from recording a $6,200 deposit as $2,600     2.  EFT payment     3.  Note collected for company     4.  Service charge

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
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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 recording a $6,200 deposit as $2,600

2.  EFT payment

3.  Note collected for company

4.  Service charge

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
Statement as a Debit
or Credit Memo
Increases or Decreases
the Balance of the
Company's Bank Account
1.  Bank correction of an error from recording a $6,200 deposit as $2,600    
2.  EFT payment    
3.  Note collected for company    
4.  Service charge    
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