Rules post dating bank checks

11 Mar

To illustrate, an accounting clerk receives a ,000 post-dated check negotiable in one week.She cannot debit cash (asset) and credit sales revenue or accounts receivable to record this transaction because no payment is made.

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As used herein, the “Bank” refers to Presidential Bank, FSB; “Account” refers to any of the Bank’s deposit accounts; “Accountholder” refers to a deposit customer of the Bank having an ownership interest in an Account’ and “Governing Documents” refers collectively to these Rules and Regulations and the documents listed above.

For example, a department store wants to purchase

As used herein, the “Bank” refers to Presidential Bank, FSB; “Account” refers to any of the Bank’s deposit accounts; “Accountholder” refers to a deposit customer of the Bank having an ownership interest in an Account’ and “Governing Documents” refers collectively to these Rules and Regulations and the documents listed above.

For example, a department store wants to purchase $1 million worth of merchandise from a major supplier.

The store's accounting manager notes that cash available at the bank is $325,000.

She can, however, write a memo about the post-dated check in the accounting ledger.

(Bookkeepers debit asset accounts to increase their balances and credit revenues to increase their amounts.) If the check clears the customer's bank after one week, the clerk may then record journal entries in the sales ledger.

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As used herein, the “Bank” refers to Presidential Bank, FSB; “Account” refers to any of the Bank’s deposit accounts; “Accountholder” refers to a deposit customer of the Bank having an ownership interest in an Account’ and “Governing Documents” refers collectively to these Rules and Regulations and the documents listed above.For example, a department store wants to purchase $1 million worth of merchandise from a major supplier.The store's accounting manager notes that cash available at the bank is $325,000.She can, however, write a memo about the post-dated check in the accounting ledger.(Bookkeepers debit asset accounts to increase their balances and credit revenues to increase their amounts.) If the check clears the customer's bank after one week, the clerk may then record journal entries in the sales ledger.

million worth of merchandise from a major supplier.

The store's accounting manager notes that cash available at the bank is 5,000.

She can, however, write a memo about the post-dated check in the accounting ledger.

(Bookkeepers debit asset accounts to increase their balances and credit revenues to increase their amounts.) If the check clears the customer's bank after one week, the clerk may then record journal entries in the sales ledger.