Entry for Returned Cheque
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Q: Dear Sir,
Can you please explain what will be the journal entry when a cheque we issued is returned by the bank and when they reproduce it?
A: The journal entry would be the exact opposite of the entry the bookkeeper made when issuing the cheque in the first place.
For example, if the original entry was:
...then the entry when the cheque was returned will be:
When you re-issue the cheque you simply redo the original journal entry.
Hope that makes sense! Good luck!
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