Answered: 1Which one of the following source…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 32CYBK

See similar textbooks

Related questions

Concept explainers

Question

1Which one of the following source documents will be used to make an entry in the debtors journal

(a)Original credit note;

(b)Original credit invoice;

(c)Duplicate credit invoice;

d)Duplicate credit note

.Q.1.2Which oneof the following transactions,listed below,

(a)The business receivesinterest on the bank account;

(b)Money received from a debtor making a payment on his/her account;

(c)The business donates money to underprivileged children;

(d)The business receivesrental money from a tenant.

Q.1.3Which journal will the following transaction be entered , “and paid from petty cash, R85

(a)Cashbook Payments;

(b)Petty Cash Journal

;(c)Cashbook Payments/Petty cash Journal;

(d)GeneralJournal.

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

Expert Solution

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions