Analyzing a Source Document Instructions Review the source document and prepare the

Chapter 20, Problem 20-2

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QUESTION:

Instructions Review the source document and prepare the journal entry to record this transaction in your working papers. Your Backpack Inc. uses a cash payments journal to record disbursements.

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QUESTION:

Instructions Review the source document and prepare the journal entry to record this transaction in your working papers. Your Backpack Inc. uses a cash payments journal to record disbursements.

ANSWER:

                                                                 Step 1 of 2

A cash payment journal is one of the specialized journals used to record cash payments. On the other hand, the cash receipt journal records the cash inflow i.e., cash receipts during a period.

                                                                 

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