To arrive at an accurate balance on a bank reconciliation statement, a credit memorandum from the bank for the collection of a note and interest should be:

Question

Quizplus · Accepted Answer

A credit memorandum for the collection of a note and interest increases the account holder's balance, so it should be added to the book balance to reflect the increase in funds that the bank has collected on behalf of the account holder.

To Arrive at an Accurate Balance on a Bank Reconciliation