College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
Question
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.

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College Accounting (Book Only): A Career Approach

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