Debit discount allowed and credit purcahses
Bounced cheque entry is the reversal of original entry of cheque deposit as follows: [Debit] Cash account [Credit] Bank account
the entry for Cheque dishonor would be Party A\c dr To Bank A\c
There will be no entry in cash book when cheque is paid into bank if cash was deposited into bank then there will be entry in cash book
what is the entry if i pay creditors with a cheque and the cheque is not honored
Reverse Entry to be passed for the original Entry
Debit rentCredit bank
Bought Machinery for 2000 euros by cheque.
debit bankcredit accounts receivable
BY VENDOR Dr TO BANK Cr
debit bankcredit accounts receivable
Debit accounts payable/ expensesCredit bank
Debit expenses / accounts payableCredit bank