Acct1501: Cash receipt journals QUESTION (1 Viewer)

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In posting the total of the cash column in a cash receipts journal, the entry that would be made is:

a. Dr Cash
b. Cr Cash
c. Dr each of the specific accounts that comprise the total
d. none of the above



Any ideas :p?
 

obliviousninja

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In posting the total of the cash column in a cash receipts journal, the entry that would be made is:

a. Dr Cash
b. Cr Cash
c. Dr each of the specific accounts that comprise the total
d. none of the above



Any ideas :p?
im thinking b
 

noctua

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A Cash receipts journal is a specialized accounting journal used in an accounting system to keep track of the sales of items when cash is received, by crediting sales and debiting cash.
So the answer is A
And Google is god
 

twinshadow

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Can anyone please help me?! :(

V Ltd's records at year end showed that there were 60 units on hand at cost of $50 each. A stock count at year end found there were only 52 units of inventory on hand. V Ltd had sold 100 units of inventory in the last month of the year realising a net price of $45 after selling costs. Which of the following statements is true?

Select one:
a. Sales in the last month of the year $4 500
b. Loss of inventory $660
c. Inventory on hand at year end $2 600
d. Inventory on hand at year end $2 340
 

itoki2288

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I would say D. I havn't done this stuff in 2 years though xD
 

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