Which of the Following Will Be Recorded in the Other

question 67

Multiple Choice

Which of the following will be recorded in the Other Accounts CR column of the cash receipts journal?

• A)cash sales
• B)receipt of interest revenue
• C)receipt of accounts receivable
• D)sales discounts

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Definitions:

Liability for Losses

The obligation of an individual or entity to compensate for damages or financial losses incurred by another.

Limited Partner

An investor in a partnership whose liability is limited to the amount of the investment and who does not participate in day-to-day management.

Management Rights

The powers and authority given to managers or executives to make decisions and direct operations within an organization.

Limited Liability

A legal principle that limits an investor's loss in a business venture to the amount of capital they have invested, protecting personal assets from business debts.