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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

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

In the cash payments journal, each amount in the General Debit column is posted

  1. (a) daily.
  2. (b) weekly.
  3. (c) at the end of the month.
  4. (d) at the end of the year.

To determine

Find the correct option that indicates each amount in the general debit column is posted (in the cash payment journal).

Explanation

Justification for correct answer:

Cash payments journal: Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).

Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.

Cash payments are posted daily in the general debit column. The transactions like payment of an expense, cash purchases, payment of accounts payable or note payable are updated daily to know the amount of paid during the period...

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