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Chapter 09 - Cash Receipts, Cash Payments, and Banking Procedures
Chapter 09
Cash Receipts, Cash Payments, and Banking Procedures
1. Cash Short or Over is an expense account when it has a debit balance.
2. If cash is over, it is entered in the Other Account Credit column of the cash receipts journal
and the figure is circled.
3. The individual amounts in the Sales Credit column of the cash receipts journal are posted to
the accounts receivable subsidiary ledger.
9-10
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32. Which of the following statements is not correct?
33. A cash sale of merchandise would be recorded in
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59. Merchandise is sold for $8,820, terms 1/10, n/30. Prior to payment, the customer returned
$560 of the merchandise. If the invoice is paid within the discount period the amount of the
sales discount is:
BANK RECONCILIATION: Indicate in which section of the Bank Reconciliation Statement
the following reconciling items would appear.
