You Are Trying to Explain Debit and Credit Memos That

question 146

Essay

You are trying to explain debit and credit memos that appear on bank statements and whether these will increase or decrease your company's bank account balance.Complete the following table to help your new staff understand.

$\begin{array}{|l|c|c|}\hline&\text { Debit }&\text { Increases or }\\&\text { or }&\text { Decreasesthe }\\&\text { Credit }&\text { Company's Bank }\\\text { ITEM }& \text { Memo }&\text { Account Balance } \\\hline \text { EFT payment } & \\\hline \begin{array}{l}\text { Bank correction of an error due to } \\\text { posting another customer's check to } \\\text { your account }\end{array} & & \\\hline \text { Service Charge } & \\\hline \begin{array}{l}\text { Note and interest collected for our } \\\text { company }\end{array} &\\\hline \text { NSF check } & \\\hline \text { Bank correction of an error recording } &\\ \text { a } \$ 250 \text { deposit as } \$ 520 & \\\hline \text { EFT deposit } & \\\hline\end{array}$

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Definitions:

Behaviorism

A branch of psychology that focuses on observable behaviors, emphasizing the role of environmental factors in shaping behavior.

John B.Watson

An influential American psychologist who is often considered a founder of behaviorism, focusing on observable behaviors rather than internal mental processes.

Population

A complete group of interest to researchers, from which a sample is drawn.

Sample

A subset of individuals or items selected from a larger population for the purpose of statistical analysis.