A review of the bank statement and accounting records of Blake Company revealed the following items:

-Which of the following describes an activity that increases a company's bank account balance?
A)Credit memo
B)Debit memo
C)Balance sheet
D)Certified check

Question

A review of the bank statement and accounting records of Blake Company revealed the following items:
 
-Which of the following describes an activity that increases a company's bank account balance?
A)Credit memo 
B)Debit memo 
C)Balance sheet 
D)Certified check

Quizplus · Accepted Answer

Bank statement credit memos describe activities that increase the customer's account balance (the bank's liability).

A Review of the Bank Statement and Accounting Records of Blake