In the Cash Receipts Journal,the Other Accounts CR Column Is

question 12

True/False

In the cash receipts journal,the Other Accounts CR column is used when a transaction involves a credit entry that is not listed in the headings (columns)of the cash receipts journal.

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Definitions:

Notes Payable

A financial obligation or written promissory note requiring the borrower to pay back the lender the principal amount plus any interest by a specified date.

Interest

The charge for borrowing money, calculated as a percentage of the principal amount.

Cash Dividends

Payments made by a company to its shareholders from its profits or reserves, typically in the form of cash.

Dividends Payable

liabilities representing the amount of dividends declared by a company's board but not yet paid to shareholders.