The Reference Column of a Multiple-Column Cash Payments Journal After

question 4

Multiple Choice

The reference column of a multiple-column cash payments journal after posting

• A) will only contain check marks.
• B) will be blank.
• C) will only contain account numbers.
• D) may contain either account numbers or check marks.

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Definitions:

Discharged

Refers to the release or termination of a legal duty, debt, or obligation.

Bankruptcy Estate

All legal or equitable interests of the debtor in property, both tangible and intangible, at the time of the bankruptcy filing.

Legal Actions

Formal steps taken in a court of law to enforce a right, seek a remedy, or resolve a dispute.

Obligations of the Debtor

Refers to the responsibilities and duties that a debtor must fulfill towards creditors, including repayment of debt.