Which Of The Following Journals Would A Company Use To Record Cash Collections From Customers?

What Journal should a company uses to capture cash transactions?

cash receipts journalYour cash receipts journal should have a chronological record of your cash transactions.

Using your sales receipts, record each cash transaction in your cash receipts journal.

Do not record the sales tax you collected in the cash receipts journal.

You must record this in the sales journal instead..

How do you record transactions in a general journal?

To record transactions, accounting system uses double-entry accounting. Double-entry implies that transactions are always recorded using two sides, debit and credit. Debit refers to the left-hand side and credit refers to the right-hand side of the journal entry or account.

In which columns of the cash receipts journal are debits entered?

The sales tax collected is entered in the Sales Tax Payable Credit column. The sales is entered in the Sales Credit column. The cash received is entered in the Cash Debit column.

Which internal control principle prescribes the use of pre numbered printed checks?

Financial Accounting Chapter 6 Terms-Questions1. Which of the following is not one of the policies and procedures that make up an internal control system?C. Guarantee a return to investors.6. Which internal control principle prescribes the use of pre-numbered printed checks?B. Maintain adequate records39 more rows

What is sales journal and examples?

A sales journal is a specialized accounting journal and it is also a prime entry book used in an accounting system to keep track of the sales of items that customers(debtors) have purchased on account by charging a receivable on the debit side of an accounts receivable account and crediting revenue on the credit side.

What are the five special journals in accounting?

Special journalsCash receipts journal.Cash disbursements journal.Payroll journal.Purchases journal.Sales journal.

Which accounting principle prescribes that Accountinging information system report useful understandable timely and pertinent information for effective decision making?

The accounting principle that prescribes an accounting information system to report useful, understandable, timely, and pertinent information for effective decision-making is the: Relevance principle.

Which of the following journals would a company use to record closing entries?

Which of the following journals would a company use to record closing entries? General journal. A company borrowed $80,000 from a bank by signing a long-term note payable.

When a company uses special journals the general journal is used to record?

To speed up this process, companies use special journals to record repetitive transactions that affect the same set of accounts and have a consistent description. Such transactions can be documented on one line in a special journal.

In which journal would a cash purchase of inventory be recorded?

In which journal would a cash purchase of inventory be recorded? only credit sales of merchandise. it is recorded in the general journal.

What is accounts receivable ledger?

An accounts receivable subsidiary ledger is an accounting ledger that shows the transaction and payment history of each customer to whom the business extends credit. The balance in each customer account is periodically reconciled with the accounts receivable balance in the general ledger to ensure accuracy.

What transactions are recorded in the purchases journal?

When items are purchased on credit or on account, the transaction is recorded in the accounting records in the purchases journal. A purchases journal is a specialized type of accounting log that keeps track of orders made by a business on credit or on account.