What 4 items and transactions are needed to record a bounced check and any related fees?...
What 4 items and transactions are needed to record a bounced check and any related fees? (Select all that apply)
A.) A credit memo to post the fact that first invoice is no longer outstanding
B.) An invoice to increase Accounts Receivable for the amount of the bounced check
C.) An Expense to post to the Bank Charges expense account
D.) A Service item to post the bank charges
E.) A Service item to post the failed payment amount
F.) An exact copy of the original invoice marked with a “C” to indicate it is a copy
Homework Answers
Answer-4 items and transactions are needed to record a bounced check and any related fees:-
1-An invoice to increase Accounts Receivable for the amount of the bounced check.
2-An Expense to post to the Bank Charges expense account
3-Service item to post the bank charges
4-A Service item to post the failed payment amount
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