Hello,
My company recently set up a $20,000 overdraft with the bank, at the following terms: 16% Interest APR, 1% Management Fee and 1% Commitment Fee. Upon set up of the overdraft, the bank immediately took the entire 1% Management Fee and 1% Commitment Fee from our Account.
Please how do I journalize this transaction?
Management fee journal entries related to overdraft
Bee3tee (Accountant) (25 Points)
07 April 2016