Unpresented checks also referred as____________?
A. Uncollected checks
B. Uncredited checks
C. Outstanding checks (Correct)
D. Bounced checks
An unpresented check is a check written by a company and entered in its records, but…
Which of the following entries is correct in respect of reserve for discounts on accounts payable?
A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
B. Debit Accounts Payable A/c and Credit P&L A/c