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the company performed a bank reconciliation for the current month. The bank statement showed $15 of bank fees. The company collected 4,500 on notes receivable.
the company performed a bank reconciliation for the current month. The bank statement showed $15 of bank fees. The company collected 4,500 on notes receivable. The notes receivable was outstanding for 3 months and had an interest rate of 5.6%. No interest had been paid in the general journal......the debtor paid all of the notes and accrued interest over the bank........Please show step by step how to get the JE, especially how does Cash equals to 4,548.......and also why do we credit the N/R? How come we do not debit that?
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