Your opinion on this pls.. Entry upon drawing of checks for the purpose of transferring funds to a company which will implement a project. This company is required to liquidate the funds after its implementation. Dr Receivable Cr Cash in Bank right? How about if the check remained unreleased as of year-end? Reverse ko ba previous entry?kasi technically hindi pwede receivable kasi wala pa sa kamay ng company yong funds so cguro inappropriate sa receivable acct? Dr cash in bank Cr receivable? Then recognize the liability for the unreleased checks? Cr payable Ano and debit? Pls HELP..tnx :)
Posted on: Sun, 13 Jul 2014 03:27:08 +0000
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