Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 37 - No. 27)
How should a company record bank charges incurred during the month?
Debit Bank, Credit Bank Charges
Debit Bank Charges, Credit Bank
Debit Cash, Credit Bank Charges
Debit Bank Charges, Credit Cash
Explanation
Expenses are recorded on the debit side and the bank balance is reduced on the credit side.
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