Asked by

Kevin Fassu
on Nov 14, 2024

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A bank may issue a credit memorandum for

A) a bank service charge.
B) an NSF (not sufficient funds) check from a customer.
C) the collection of a note receivable for the depositor by the bank.
D) the cost of printing checks.

Credit Memorandum

A document issued by a seller to a buyer, reducing the amount the buyer owes, often due to a return or refund.

Note Receivable

A promissory note indicating that an entity is owed money by another and the terms under which repayment must occur.

NSF Check

A check that cannot be processed due to insufficient funds in the account it's drawn on, also known as a "bounced" check.

  • Comprehend the procedure and importance of reconciling bank statements.
  • Perceive the utility of internal controls in guiding the management of cash and cash equivalents.
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CD
Caroline DickinsonNov 19, 2024
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