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Sittie Jobairah
Sep 21, 2009, 02:23 PM
What is my entry on the problem: The statement included a debit memo of 300php for the cost of two checkbooks?

pready
Sep 21, 2009, 06:17 PM
This is an expense and you need to reduce your cash account because the bank took that much out of your account. It is recorded on the banks books, but not your organization books. Therefore you need to debit the appropriate Expense account for the amount and Credit Cash for the amount.