Entries for note collected by bank Obj. 5
Accompanying a bank statement for Borden Company is a credit memo for $21,200 representing the
principal ($20,000) and interest ($1,200) on a note that had been collected by the bank. The company
had been notified by the bank at the time of the collection but had made no entries. Journalize the
entry that should be made by the company to bring the accounting records up to date.AppendixLO1