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Record the adjustment that should be made by the company

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Reference no: EM132710640

Problem - Entries for note collected by bank

Accompanying a bank statement for Nite Lighting Company is a credit memo for $26,500, representing the principal ($25,000) and interest ($1,500) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no recording. Record the adjustment that should be made by the company to bring the accounting records up to date.

Reference no: EM132710640

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