Bank Service Fee
Definition: Fee often charged by a bank each month for management of the bank
ModerateEasy
Fee often charged by a bank each month for management of the bank
Common Journal Entries
| Account | Debit | Credit |
|---|---|---|
| 1. Record monthly service fee | ||
| Bank charges $25 monthly account fee. | ||
| Bank Charges Expense | $25 | |
| Cash | $25 | |
| Expense recognized; discovered during bank reconciliation. | ||
| 2. Record wire transfer fee | ||
| Bank charges $15 for outgoing wire. | ||
| Bank Charges Expense | $15 | |
| Cash | $15 | |
| Fee expensed in the period incurred. | ||
DurationShort-Term