Question: Included with CarCo.'s bank statement for July was a debit memo for $372, representing the hydro payment that is automatically withdrawn from CarCo.'s bank account

Included with CarCo.'s bank statement for July was a debit memo for $372, representing the hydro payment that is automatically withdrawn from CarCo.'s bank account each month. Since the hydro charges are based on actual usage, CarCo. Does not know the amount of its monthly bill until it receives the debit memo from the bank. Journalize the entry that CarCo. Should make to properly record the hydro payment.

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