In a Cash Receipts Journal,________

question 150

Multiple Choice

In a cash receipts journal,________.

• A) cash sales are recorded in the Accounts Receivable CR column and the Cash DR column
• B) collections on account are recorded in the Accounts Receivable DR column and the Cash DR column
• C) the miscellaneous cash receipt transactions are ignored
• D) the cash sales are recorded in the Sales Revenue CR column

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Definitions:

Full Endorsement

A signature on the back of a negotiable instrument, such as a check, that specifies the person to whom the instrument is to be paid, transferring ownership.

Blank Endorsement

Blank Endorsement is a signature on a financial instrument, such as a check, without designating a payee, making it payable to the bearer.

Drawer

In accounting, the entity (person or organization) that issues or writes a bill of exchange, check, or draft, instructing another entity to pay.

Drawee

Bank that drawer has an account with.