To record a NSF cheque, you can -
A) re-enter the original sales invoice to restore the balance owing
B) reverse the receipt from the adjusting receipt screen
C) make a general journal entry that debits Accounts Receivable and credits the bank account for the cheque amount
D) use any of the above methods to record the NSF transaction correctly
Correct Answer:
Verified
Q12: Which one of the following general statements
Q13: The Cash Flow Projection report allows you
Q14: Transactions entered in the sales journal will
Q15: The receipts journal may be used for
Q16: Transactions entered in the receipts journal will
Q18: To enter a NSF cheque -
A) reverse
Q19: Which one of the following general statements
Q20: The sales journal may be used for
Q21: Discounts for early payments are offered to
Q22: To record a NSF cheque from a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents