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Unpaid Cheque from Debtor
Furniture is sold and the debtor pays by cheque. I am assuming that first of all this entry will be reflected in the Cash Receipts Journal.
As at the end of the month, the cheque is returned unpaid. 1. This first transaction will go in the Cash Receipts Journal (Ledger acc DR Bank/CR Furniture) 2. Does the reversal reflect in the Cash Receipts or Cash Payments Journal (Ledger acc DR Furniture/CR Bank)? 3. Does it then get entered into the Debtors Journal (Ledger acc DR Debtor/CR Furniture)? Will appreciate any feedback on this question. Thanks |
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