When a Lock-Box System Is Used,customers Send Their Checks to a Post

question 229

True/False

When a lock-box system is used,customers send their checks to a post office box that belongs to a bank.

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Definitions:

Borrow

To borrow means to receive something of value, especially money, from a lender under the agreement to return it, typically with additional interest, at a future date.

Pledges Receivables

Outstanding amounts owed to an organization based on pledges made by donors, often recognized in nonprofit accounting.

Journal Entry

The recording of financial transactions into accounting records, detailing the accounts that are affected and in what way.

Borrow

The act of receiving something of value in exchange for the promise to return it or its equivalent at a later date.