College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 10, Problem 5QY
To determine
Identify the correct option given as an advantage of the cash payments journal.
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Match the terms with the definitions.
A journal designed for recording only certain kinds of transactions.
A special journal used to record only transactions involving the receipt of cash.
A special journal used to record only sales on account.
A special journal used to record transactions involving the payment of cash.
A special journal used to record only purchases of merchandise on account.
a.
cash payments journal
b.
cash receipts journal
c.
sales journal
d.
special journal
e.
purchases journal
Which of the following statements is false with regard to a Cash Receipts Journal?:
All receipts of cash from customers should be recorded in it
Receipts of cash from the owner should not be recorded in it
Receipt of cash from cash sales should be recorded in it.
Receipt of cash from borrowing should be recorded in it.
The same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain the reason for this statement.
Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Describe the transaction recorded.Ch. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - Prob. 5PBCh. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
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Similar questions
- Which of the following is not an advantage of the cash receipts journal? a. Transactions do not have to be posted on a regular basis. b. Transactions can be recorded on one line. c. Transactions involving debits to Cash are recorded in one place. d. Repetition in posting is eliminated. e. Special columns can be used for similar transactions.arrow_forwardSuppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?arrow_forwardIdentify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered laterarrow_forward
- If a cash payments journal is supposed to save time spent writing, why are there so many entries in the Other Accounts Debit column?arrow_forwardYou just posted a debit to Cash in the general ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forwardYou just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forward
- 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?arrow_forwardWhich two accounts are used to recognize shipping charges for a buyer, assuming the buyer purchases with cash and the terms are FOB Shipping Point? A. delivery expense, cash B. merchandise inventory, cash C. merchandise inventory, accounts payable D. The buyer does not record anything for shipping since it is FOB Shipping Point.arrow_forwardHow often do we post the cash column in the cash receipts journal to the subsidiary ledger?arrow_forward
- You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journalarrow_forwardThe cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account. True Falsearrow_forwardIf a journal entry includes a debit or credit to the Cash account, it is most likely which of thefollowing?arrow_forward
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