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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Cash receipts should

  1. (a) be posted to customer accounts daily.
  2. (b) be posted to customer accounts weekly.
  3. (c) be posted to customer accounts at the end of the month.
  4. (d) not be posted.

To determine

Find the correct option that indicates the correct method of posting cash receipts to the customer accounts.

Explanation

Cash receipts: The amount of cash received from the credit sale transactions, cash sale transactions, and credit card sale transactions, is referred to as cash receipts.

Justification for correct answer: Cash receipts are the regular transactions in most of the businesses. Cash receipts include collections from cash sales, credit sales, and credit card sales. Cash receipts are posted daily to the customer account. Those transactions are updated daily to know the amount of cash available with the business at any moment of time...

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