the bank revised the late payment penalty charges to $750 and to the borrowers

the bank revised the late payment penalty charges to $750
and to the borrowers A/C, pass the journal entry for the same

Question Posted / pradi

the bank revised the late payment penalty charges to $750 and to the borrowers A/C, pass the journa..

Answer / tapan kumar roy

First Bank Charges the amt now it is revised so,

when charges: Bank Charges A/C DR
To Bank
When Revised: Bank A/C DR
To Bank Charges

Is This Answer Correct ?

5 Yes

6 No

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