Bank Service Charges Journal Entry Math
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Journal entry worksheet record the service charges of 30 deducted by the bank.
Bank service charges journal entry math. Enter debits before credits. Record customer check returned due to insufficient funds. When there are fewer checking accounts or the fees are quite low service charges are more. What is the journal entry for bank services charges.
What is journal entry for bank charges. Record bank service charges 2. Generally banker will charge service charges on various services made to the accountholder under the name of bank charges bank charges a c dr to bank a c being bank charges debited is this answer correct. Bank statement checks.
The bank transaction journal entries below act as a quick reference and set out the most commonly encountered situations when dealing with the double entry posting of banking transactions. However if you are a bank who s collecting the fees from depositors then it s not an expense it s inco. Science math history literature technology health law business all sections. Transaction general journal debit credit record entry clear entry view general journal the following information applies to the questions displayed below hills company s june 30 bank statement and the june ledger account for cash are summarized here.
Is this answer correct. Would you like to merge this question into it. Bank service charge expense is the name of an account in which is stored all fees charged to an organization s checking accounts by its bank. This separate account is more likely to be used when a business maintains a large number of checking accounts and wants to analyze the costs of maintaining them.
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