An unrecorded credit memo for collection of a note should be:
A)Ignored
B)Subtracted from checkbook balance
C)Added to checkbook balance
D)Added to bank balance
E)None of these

Question

Quizplus · Accepted Answer

An unrecorded credit memo means that the bank has credited the company's account with the amount. Therefore, it should be added to the checkbook balance to reflect the correct amount of funds available to the company.

An Unrecorded Credit Memo for Collection of a Note Should