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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
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b. | Keep the original entry and then reverse the entry
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c. | Reverse the entry and delete the original entry
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d. | Delete all entries until clean cash or an acceptable form of payment is collected
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