And since the bank is going to receive the funds upfront there’s no worry about receiving and dealing with a bad cheque. When this happens the only way to accurately process the cheque is if the cheque writer or issuer changes what is considered a stale dated check the date or issues a new cheque...
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After your date or record, your liabilities will increase and your retained earnings will decrease. Then after the payment, both your cash account and your liability will be reduced. To demonstrate the journal entries required when a cash dividend is declared and paid, let’s return to the above example. The amount and regularity of cash...
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