What is the purpose of the cash receipts journal?

Q: Make cash receipts jounal

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…

Q: a) Prepare Cash Book

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Q: Describe and use the cash receipts journal. List theree items of information about each cash receipt…

A: Cash Receipts Journal:   It is a special book where only cash receipts transactions that are…

Q: What is the correct cash in bank balance?

A: Bank Reconciliation statement:- Bank reconciliation statement is a statement made by analyzing the…

Q: In what manner can cash receipts and cash disbursements be controlled?

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: what are the three logical steps of the cash disbursements system?

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Q: What is contra entry in cash book? How is it recorded?

A: Meaning of Contra-EntryIn the dual entry accounting system, a contra entry is an entry which is…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: Describe the features of voucher system in handling cash disbursements. What is voucher register?…

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Q: Instructions Prepare a schedule of cash payments.

A: Schedule of cash payments:   It is a statement to report the expected cash payments to be done by…

Q: Which of the following is true? a. The cash disbursement function is part of accounts payable. b.…

A: Cash Disbursement System: The cash disbursement system carries out the responsibility of processing…

Q: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Which of the following statements are true regarding the control of cash receipts and cash payments?…

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: How to calculate balance c/d when preparing an adjusted cash book?

A: Cashbook adjustments are used to correct input errors or adjust miscellaneous debits or credits in…

Q: "recorded cash sales" what accounts are used

A: When we sell anything to the customer in cash then cash account debits and revenue of an entity will…

Q: ash rece

A: cash receipts journal ought to have a history of your money transactions. exploitation your sales…

Q: What was the balance of the cash account after these transactions were posted?

A: Change in cash account, transaction wise. 1. Cash balance when shop was started = $41,900 2. No cash…

Q: A cash sale is recorded in the:

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Q: Define cash disbursements journal.

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Define cash receipts journal.

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: Prepare a flowchart of a cash receipts procedures described in the problem.

A: Definition: Accounts receivable can be referred to as the amount which is due from the customers of…

Q: The discount column of a threecolumn cash book records?

A: A three-column cash book is an exhaustive form that records cash receipts on the debit side and cash…

Q: How do businesses control cash receipts over the counter?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the balance in cash after these transactions are journalized and posted?

A: Only cash transactions are to be considered.  We will start with the opening balance of cash. We…

Q: Indicate how to report cash and related items.

A: Accounting:   It is the process of recording the financial transactions of an organization and…

Q: What are the Important elements of a cash disbursement control system?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Explain the posting process of the cash payments journal.

A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…

Q: 1. Prepare the journal entry to establish the petty cash fund.

A: Journal Entries are as follows:

Q: dure described pre

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Q: what are the entries for the cash receipt journal and general journal.

A: Cash receipt journal is the journal which has been used by the company which are used to record as…

Q: what is procedure to posting account payable ledger in cash disbursements system

A: Accounts payable forms a part of current liabilities and represents the amount that the entity owes…

Q: Record the transactions in the cash receipts and cash payments journals. Foot and crossfoot the…

A: Cash receipt and cash payment journals are the specific types of journals prepared during the entire…

Q: Prepare Cash Disbursement for  purchases

A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…

Q: All cash payments are recorded in:   Sales Journal Cash Payments Journal Cash Receipts Journal…

A: Journal: Recording of a business transactions in a chronological order.

Q: Define Cashbook and also explain their types.

A: Cash book is a form of record keeping book which shows all cash receipts and cash payments of the…

Q: Why should cash revenues and credit client sales be quickly recorded and reported?

A: Introduction: Accounting is primarily concerned with identifying, recording, measuring, and…

Q: What is the cash journal?

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Q: cash receipt journal

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Q: What's the entry for the cash receipt journal?

A: Journal entry is the entry which the business records normally on the journal but as there are…

Q: Required Prepare the CASH RECEIPTS JOURNAL  Prepare the CASH DISBURSEMENTS JOURNAL

A: Accounting cycle. It can be defined as the process which involves identification, analysis,…

Q: What are cash receipts?

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