Homework Help: Accounting

Posted by Jill on Wednesday, June 16, 2010 at 12:43pm.

What is the journal entry for a bounced check.

For exemplar, on May 10, Mr. Smith pays his $1000 bill the a certain company, cash receipt #1. On May 12 the check is returned marked Not Sufficient Funds. Would the journal entry look like this.
debit credit
Accounts Receivable $1000
Cash $1000

Also, What source document would I use. Thanks for you helps.

Accounting - SraJMcGin, Wednesday, June 16, 2010 at 1:01pm
Have a look here:

http://search.yahoo.com/search?fr=mcafee&p=journal+entry+for+a+bounced+check

and here for the source:

http://search.yahoo.com/search?fr=mcafee&p=source+document+for+a+bounced+check

Sra
Accounting - Jill, Thursday, June 17, 2010 at 12:35am
Thanks!

Answer this Question

Related Questions

Math - Mr.Smith has just recieved 200 gallons of home heating oil.If he pays his...
accounting - Prepare a journal entry for the purchase of office supplies on ...
accounting - Billed patients for services rendered of $3,500. journal entry help...
Accounting-Journal Entry - Oct 3-->Paid salaries for the month, $25000, ...
accounting - Your team has been assigned the duty to diagram the audit trail for...
accounting - An audit trail allows an individual to track a transaction from the...
College Accounting - An audit trail allows an individual to track a transaction ...
GOVERNMENT HELP - I need to check these answers Mr. Smith and Mr. Jones go to ...
accounting - Worthington Company issued $1,000,000 face value , six-year, 10% ...
accounting - prepare journal entry and adjusting journal entry on these ...

For Further Reading

First Name:
School Subject:
Answer: