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Many companies use lockboxes to speed up the delivery of the check at their bank.
Account Payable
The liability created by a purchase on account.
Credit Balance
A situation where the sum of credits in an account exceeds the sum of debits, often indicating a liability or revenue.
Cash Short
Cash Short refers to a situation where the actual amount of cash on hand is less than the recorded amount in the accounting records, indicating a discrepancy that needs investigation.
Cash Overages
A situation where the amount of cash in a cash register exceeds the amount expected based on sales records and receipts.
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