What effect does a debit memo in a bank statement have on the Cash account? What effect does a credit memo in a bank statement have on the Cash account?© BrainMass Inc. brainmass.com June 3, 2020, 11:18 pm ad1c9bdddf
A debit is memo for a charge levied on the bank account and so the bank balance will reduce. For example the bank levies a service charge in the bank account. This will reduce the cash balance in the bank and the bank will issue a debit memo to the company which will detail the reason for the debit ...
The solution explains the effect of Debit Memo versus Credit Memo on cash account.