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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Cash receipts journal

The following cash receipts journal headings have been suggested for a small firm. List the errors you find in the headings.

    CASH RECEIPTS JOURNAL   Page 12
Date Account Credited

Post.

Ref.

Fees Earned Cr.

Accts.

Rec.

Cr.

Cash Cr. Other Accounts Dr.

To determine

Cash receipts journal:

Cash receipts journal refers to the journal that is used to record the all transaction which involves the cash receipts. For example, the business received cash from customers.

To identify:  The errors in the heading of the cash receipt journal

Explanation

The following errors are identified I the heading of the cash receipt journal:

1. The cash column has been mentioned as Credit instead of debit.

2. The other accounts have been mentioned as debit instead of credit.

3. The order of other accounts should be mentioned adjacent to the post ref. or left to the fees earned...

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