If the Bank Reconciliation Includes a Bank Service Charge,a Journal

question 167

True/False

If the bank reconciliation includes a bank service charge,a journal entry is required,which debits Bank Expense and credits Cash.

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Definitions:

Shares

Units of ownership interest in a corporation or financial asset, providing an entitlement to a portion of the profit.

Preemptive Rights

Rights that allow existing shareholders in a corporation the first chance to buy new shares before the public, to maintain their proportionate ownership.

Closely Held Corporation

A closely held corporation is a type of company characterized by a small number of shareholders, typically involving family or close associates, with restrictions on the sale or transfer of shares.

Publicly Held Corporation

A company whose shares are publicly traded on stock exchanges, allowing public investors to buy and sell its stock.