Sales Journal and Cash Receipts Journal a. List the steps to record transactions in the

Chapter 16, Problem 2

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QUESTION:

Sales Journal and Cash Receipts Journal

a. List the steps to record transactions in the sales journal.

b. What are the source documents for transactions recorded in the cash receipts journal?

Questions & Answers

QUESTION:

Sales Journal and Cash Receipts Journal

a. List the steps to record transactions in the sales journal.

b. What are the source documents for transactions recorded in the cash receipts journal?

ANSWER:

                                                                  Step 1 of 3

A special journal used to record all cash receipt transactions with permanent Cash in Bank Debit column is cash receipts journal as every transaction in it debits the Cash in Bank account.        

                                                                 

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