Essay
Foyle Company needs to make adjusting entries for each of the following reconciling items. Identify the account to be debited and the account to be credited in each case.
1. A check for $59 written to the company by J. Hammond was returned NSF.
2. The monthly service charge by the bank was $34.
3. The bank collected a $1,000 note plus interest of $60 on the company's
behalf. The company had not accrued the interest.
Correct Answer:
Verified
Correct Answer:
Verified
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