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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by $700. How will this error be discovered?

To determine

Explain the ways to discover the error in a cash receipts journal.

Explanation

Cash receipts journal: Cash receipts journal contains all transactions in which cash is received, or increased. When a cash receipts journal is used, all transactions in which cash is debited must be recorded in it. It may be used for a service as well as a merchandising business.

Ways to discover the errors:

There are two ways ...

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