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What is bb bargoons ltd correct treatment of nsf cheques

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Reference no: EM132962615

On occasion, BB Bargoons Ltd has customers who pay their invoice with cheques that are returned by the bank. The bank returns the cheque because there were insufficient funds to make the deposit ("NSF" cheques).

Problem 1: What is BB Bargoons LTD's correct treatment of NSF cheques?

Option 1: No entry required by BB Bargoon Ltd

Option 2: Debit NSF expense; Credit cash

Option 3: Debit revenue; credit accounts receivable

Option 4: Debit revenue; credit cash

Option 5: Debit accounts receivable; credit cash

Reference no: EM132962615

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