K2 Limited received a notice with its bank statement that the bank had collected a note receivable for $8,000 plus $400 of interest. The bank had credited these amounts to K2's account less a collection fee of $10. K2 Ltd had already accrued the interest for this note on its books.
(a) How will these items affect K2's bank reconciliation?
(b) Prepare the journal entry that K2 Ltd will make to record this information on its books.

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The Answer of K2 Limited received a notice with its bank statement that the bank had collected a note receivable for $8,000 plus $400 of interest. The bank had credited these amounts to K2's account less a collection fee of $10. K2 Ltd had already accrued the interest for this note on its books.
(a) How will these items affect K2's bank reconciliation?
(b) Prepare the journal entry that K2 Ltd will make to record this information on its books.

K2 Limited Received a Notice with Its Bank Statement That