Answered: which journal would you use to record…

Business

Accounting

which journal would you use to record receipt of the amount they owed you? What would be recorded?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 22MCQ

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Which Journal?

If you received a check from Mr. Jones for $500 for work you performed last week, which journal would
you use to record receipt of the amount they owed you? What would be recorded?

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Accounting for Cash and cash equivalents

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what is the correcting entry for... receiving $7000 cash advance from a customer for future copying