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A contractor and Southampton, Inc. have a contract, which calls for the contractor to build a building with the completion by June 15. If the building is not completed by that date, the contract calls for the contractor to pay $100 per day in damages. The $100 per day is:
Cash Payments
The act of settling debts, purchasing goods, or services by transferring physical currency or through electronic means as opposed to using credit.
Voucher Register
A journal or ledger used to record vouchers and their corresponding financial transactions in the accounting cycle.
General Journal
A primary accounting record where financial transactions are entered before being posted to specific accounts in the general ledger.
Sundry Column
A column used in various accounting journals and ledgers to record miscellaneous transactions that do not fit in the specific columns.
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