Question: =+ (c) A cheque for 50, which had been received by a trader from his customer Paterson in settlement of an account due, was dishonoured

(c) A cheque for £50, which had been received by a trader from his customer Paterson in settlement of an account due, was dishonoured and returned by the bank. The trader receives information that Paterson is bankrupt and unlikely to be able to pay any part of the amount due. Show the entries to record these matters in the Company's Journal.

Note: in all cases cash is to be journalised.

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