Answered: 1Which one of the following source…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 59BPSB

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Question

1Which one of the following source documents will be used to make an entry in the debtors journal

(a)Original credit note;

(b)Original credit invoice;

(c)Duplicate credit invoice;

d)Duplicate credit note

.Q.1.2Which oneof the following transactions,listed below,

(a)The business receivesinterest on the bank account;

(b)Money received from a debtor making a payment on his/her account;

(c)The business donates money to underprivileged children;

(d)The business receivesrental money from a tenant.

Q.1.3Which journal will the following transaction be entered , “and paid from petty cash, R85

(a)Cashbook Payments;

(b)Petty Cash Journal

;(c)Cashbook Payments/Petty cash Journal;

(d)GeneralJournal.

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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