Cash Receipt Journal Test

What is the difference between a Cash Receipt Journal and a Cash Payment Journal?

What information is typically recorded in a Cash Receipt Journal?

What is the main purpose of a Cash Receipt Journal?

• To record outgoing cash transactions

• To record incoming cash transactions

• To record both incoming and outgoing cash transactions

• To record credit card transactions only

Which of the following is typically included in a Cash Receipt Journal?

• Date, Receipt Number, Description, Analysis of Receipt, Cash Receipt (R), Bank, Current Balance, and Sundry Account (Bank & Description)

• Date, Description, Analysis of Receipt, Cash Receipt (R), Bank, and Current Balance only

• Receipt Number, Description, Analysis of Receipt, Cash Receipt (R), and Bank only

• Date, Receipt Number, and Cash Receipt (R) only

A recipt is the source document for cash received from transactions other than sales.

• True
• False

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Answer explanation

When done close and balance the journal ( add all the transactions).