Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 37 - No. 13)
How do you record a bank service fee on the company's cash book?
Debit cash, credit bank service fees
Debit bank service fees, credit cash
Debit cash, credit accounts payable
Debit accounts payable, credit cash
Explanation
Bank service fees are an expense; hence debiting expense account and crediting cash account.
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