Dawes Pty Ltd Received Its Monthly Bank Statement Showing Bank

question 18

Short Answer

Dawes Pty Ltd received its monthly bank statement showing bank charges of $20.The transaction should be recorded as:

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Definitions:

International Trade Deficit

A situation that occurs when a country imports more goods and services than it exports, leading to a negative balance of trade.

Trade Surplus

A situation where a country's exports exceed its imports, leading to a positive balance of trade.

Services

Intangible products or activities provided by one party to another, often involving a time-based performance to meet needs or bring benefits to recipients.

Canadian Dollar

The currency of Canada, represented by the symbol CAD or simply $ within Canada.