Refer to the following bank reconciliation
Bank Book
Balance, June 30, 2017 $11,240 Balance, June 30, 2017 $10,200
Add: Add:
Deposit in transit 3,110 Note collected by bank 2,100
Interest revenue 55
Less: Less:
Outstanding checks #506 1,200 NSF check 85
Outstanding checks #510 900 Bank service charge 20
________ ________
Adjusted balance, Adjusted balance,
June 30, 2017 $12,250 June 30, 2017 $12,250
Journalize the adjusting entry for the fourth reconciling item: Bank service charge.
What will be an ideal response
Bank Expense 20
Cash 20
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Indicate whether the statement is true or false.