Included with its bank statement a firm may receive a credit memorandum,which could indicate

Question

Quizplus · Accepted Answer

A credit memorandum is a document sent by a bank to a company to notify them of a deposit that has been made into their account or any other transaction that increases their account balance. Therefore, option D is the correct answer as it relates to the addition of funds to the firm's account balance due to the bank collecting the amount due on a promissory note from one of the firm's customers. Options A and C are incorrect as they relate to charges deducted from the firm's account balance, and option B refers to a dishonored check that has been returned to the bank, resulting in a reduction in the firm's account balance.

Included with Its Bank Statement a Firm May Receive a Credit