A friend says to you: Im confused. I have a memo included with my bank statement indicating
Question:
A friend says to you: ‘‘I’m confused. I have a memo included with my bank statement indicating a $20 service charge for printing new checks. If the bank is deducting this amount from my account, why do they call it a ‘debit memoranda’? I thought a decrease in a Cash account would be a credit, not a debit.’’ How can you explain this?
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The meaning of a debit or a credit depends on which company is concer...View the full answer
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Related Book For
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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