When the bank statement is accompanied by a credit memo for a short-term note collected by the bank for the company, the journal entry will effect a debit to the cash accounts and a credit to the debtor party's account.
A journal entry can be referred to or considered as the primary entry made in the books of accounts for ensuring chronological recording of all the financial transactions. As per the golden rules of accounting, when an item increases in its balance, it gets debited within the journal entry for the firm during such particular period.
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