Ask Experts Questions for FREE Help !
Ask

How are deposited checks handled in the general ledger .debited or credited?

Asked Aug 30, 2008, 03:55 AM — 2 Answers
Dear Sir,

I have a question regarding the general recording of checks in the general ledger. What are some rules of thumb when dealing with deposited checks? ..Are they debited or credited. I'm sorry the question is rather v ague but if you can answer by way of some examples I'd appreciate it.

Regards,

David

Search this Thread
Share |
2 Answers
jean3255's Avatar
jean3255 Posts: 9, Reputation: 1
New Member
  
#2

Sep 10, 2008, 08:32 PM
Deposited checks increase your cash, which would be a debit. If it is for acct. Rec. The other side of the entry would be a credit to acc. Rec.
Helpful
AdamUTsel's Avatar
AdamUTsel Posts: 100, Reputation: 5
Junior Member
  
#3

Sep 12, 2008, 09:14 AM
Cash could also be received from a loan, I.e. Dr. Cash, Cr. Note payable.

Also, another possibility is a capital infusion (the owner's or shareholders of the company provide for capital)

This would increase both your cash balance and your owner's equity balance, Dr. Cash, Cr. Capital

But regardless, if you are receiving cash, you debit it.
Helpful
Not your question? Ask your question View similar questions
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting
 

Undo
Redo
  
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

Transferring from General Journal to the General Ledger [ 1 Answers ]

When transferring from the General Journal to the General Ledger which cash items do you transfer .:confused:

The reversing entry in the general journal and posting it to the general ledger [ 4 Answers ]

Hi I need to know How I can post reversing etry in to the general ledger ? For example if I have The business last paid a water bill in May, which was for 3 months of water expense up to the end of April. The additional accrual entry for water expense for the last two months is $2,290. And I...

General ledger [ 1 Answers ]

I work for a restaurant and a bill was taken out of the account as an ACH. I'm trying to do the monthly P&L and the amount they are showing for this same bill is different from the ACH. How do I show this on the general ledger? The ACH was $3,547.20 and the amount reported by the restaurant is...

General Ledger versus General Journal [ 1 Answers ]

Does the number of entries in the general journal equal the number of entries in the general ledger. Why?

View more Accounting questions Search