Which of the following statements is not correct?Multiple ChoiceThe cash register proof is used to enter the cash sales and sales tax in the cash receipts journal.The cash receipts journal has separate columns for debits to Cash, credits to Accounts Receivable, credits to Sales, and credits to Sales TaxPayable.The entry to record the receipt of a promissory note to replace an open account is recorded in the cash receipts journal.In accounting, the term "cash" includes checks, money orders, and funds on deposit in a bank as well as currency and coins.

The entry to record the receipt of a promissory note to replace an open account is not recorded in…

Answered: Which of the following statements is…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3CE

See similar textbooks

Similar questions

All sales, for cash or on credit, can be recorded in the general journal.
How often do we post the cash column in the cash receipts journal to the subsidiary ledger?
Can a sales journal be used to record sales on account and a cash sale? Why or why not?
What steps are followed in posting cash receipts from the general journal to the accounts receivable ledger?
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
Record the following transactions in the cash receipts journal.
You just posted a debit to Cash in the general ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
SALES (SJ), PURCHASES JOURNAL (PJ), CASH RECEIPTS JOURNAL (CRJ), CASH DISBURSEMENTS JOURNAL (CDJ) OR GENERAL JOURNAL (GJ) USE CODES... 1. Issuance of check in payment of account. 2. Receipt of promissory note from customers in settlement of open accounts. 3. Estimate of uncollectible accounts. 4. Returns and allowances for merchandise sold for cash. 5. Issuance of promissory note for loan proceeds from bank. 6. Initial investments : cash and merchandise. 7. Sold merchandise, C.O.D. 8. Purchased office supplies on account. 9. Withdrawal of merchandise for personal use. 10. Depreciation of fixed assets. 11. Paid salary of employees. 12. Paid 50% of the account in No. 8 above. 13. Sold merchandise. Collected ½ and received a note for the balance. 14. Payment of expenses. 15. Paid freight for merchandise sold. 16. Payment to suppliers for merchandise bought on account. 17. Purchase of land on account. 18. Bought merchandise. Paid ½ and issued a 30-day note for the balance. 19. Payment of…
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) A (Click the icon to view the transactions.) Cash Receipts Journal Page 3 Post. Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul. 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5,600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done
A characteristic that all entries recorded in a cash receipts journal have in common is Select one:A. that they all represent collections from customersB. that they originate from the sales of merchandiseC. a debit to the cash accountD. a credit to the cash account
Which of the following statements are true regarding the control of cash receipts and cash payments? Over-the-counter cash sales should be recorded on a cash register after each sale.
Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank. Description Debit Credit choices: Accts Receivable, Cash, Cost of Merchandise Sold, Misc Expense, Petty Cash choices: Accts Payable, Accts Receivable, Cash short and over, Cost of Merchandise sold, Sales choices: Accts Payable, Bad debit expense, Cash, Cost of merchandise sold, Petty cash

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS