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Cash was collected by Jay Co. on accounts receivable. It was determined during a deposit at the bank the next day that the cash was

Cash was collected by Jay Co. on accounts receivable. It was determined during a deposit at the bank the next day that the cash was fake. What will be Jay Co.s next steps from an accounting entry perspective?

a.

Keep the original entry and ensure the customer pays with clean cash or an acceptable form of payment

b.

Keep the original entry and then reverse the entry

c.

Reverse the entry and delete the original entry

d.

Delete all entries until clean cash or an acceptable form of payment is collected

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