Which of the following is an example of a credit memorandum?
A) Service charge notice
B) Collection of a note receivable by the bank
C) Outstanding check
D) Company error in recording a $600 deposit as $500

Question

Quizplus · Accepted Answer

A credit memorandum is an entry by a bank into a depositor's account, indicating an increase in the account balance. Collection of a note receivable by the bank on behalf of the customer is an example of a transaction that would result in a credit memorandum, as it increases the customer's bank account balance.

Which of the Following Is an Example of a Credit