CHEQUE ISSUED TO ABC 20000 & DISSOUNT RECEIVE 2000
THE CHEQUE DISSONORED
WHAT ENTERY THIS TRANSACTION
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Answer Posted / max
Entry from the Issuing Party Debit Credit
Accounts Payable - ABC 20,000.00
Cash in Bank 20,000.00
To record payment to ABC
Purchased Discount 2,000.00
Miscellaneous Income 2,000.00
To record discount received upon payment
ABC Party Entry
1.Cash 20,000.00
Accounts Receivable 20,000.00
To record Cheque Collection
2.Sales Discount 2,000.00
Cash 2,000.00
To record cash payment of Sales Discount
3. Accounts Receivable 20,000.00
Cash 18,000.00
SAles Discount 2,000.00
Cheque collection uncleared at Bank
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