Cash Purchases Are Generally Recorded in the ________

question 60

Multiple Choice

Cash purchases are generally recorded in the ________.

• A)sales journal
• B)cash receipts journal
• C)cash payments journal
• D)purchases journal

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Definitions:

Drawee

The party in a draft or bill of exchange who is directed to pay, typically a bank.

Internal Control

Procedures and policies implemented by a company to safeguard its assets, ensure financial accuracy, and promote operational efficiency.

Canceled Checks

Checks that have been paid and processed by a bank, no longer negotiable, serving as proof of payment.

Negotiable

Capable of being transferred or exchanged with ease, often referring to financial instruments.