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Reindeer Company received a notice with its bank statement that the bank had collected a note receivable for $20,000 plus $2100 of interest. The bank
Reindeer Company received a notice with its bank statement that the bank had collected a note receivable for $20,000 plus $2100 of interest. The bank had credited these amounts to Reindeers account less a collection fee of $150. Reindeer Company had already accrued the interest for this note on its books. A. How will these items affect Reindeer Companys bank reconciliation? B. Prepare the journal entry that Reindeer Company will make to record this information on its books.
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