The bank statement for Raymond Company included a debit memo for a bank service charge of $50.Required:Show the effects of recognizing the bank service charge on the financial statements by recording appropriate amounts in the financial statements model provided. Include dollar amounts of increases and decreases; for cash flow, indicate whether it is an operating activity, investing activity, or financing activity.

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The Answer of The bank statement for Raymond Company included a debit memo for a bank service charge of $50.Required:Show the effects of recognizing the bank service charge on the financial statements by recording appropriate amounts in the financial statements model provided. Include dollar amounts of increases and decreases; for cash flow, indicate whether it is an operating activity, investing activity, or financing activity.

The Bank Statement for Raymond Company Included a Debit Memo