McKlien Company has a six-month, $18,000, 6% note receivable from L. Chambers that was signed on June 1, 2016. Chambers defaults on the loan on Decemb Journalize the entry for McKlien to record the default of the loan. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table Date 2016 1 Dec. Accounts Debit Credit

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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.