Which one of the following general statements is true -
A)GST charged is processed in the receipts journal
B)GST payable is processed in the receipts journal
C)customer NSF cheques are processed in the receipts journal
D)PST refunds are processed in the receipts journal

Question

Quizplus · Accepted Answer

Customer NSF (Non-Sufficient Funds) cheques, which are cheques that have been returned due to insufficient funds in the issuer's account, are processed in the receipts journal as a reversal of the initial receipt entry. This is because the receipts journal tracks all incoming transactions, and the NSF cheque represents a failed incoming transaction that needs to be accounted for.

Which One of the Following General Statements Is True -