is the answer to this question correct If you received a check from Mr. Jones for $500 for work you performed last week, which journal would you use to record receipt of the amount they owed you? What would be recorded?This transaction will be recorded in the Cash Receipts Journal. The receipt of cash from the sale of goods, as payment on accounts receivable or from other transactions, is recorded in a cash receipts journal with a debit to cash and a credit to the source of the cash, whether that is from sales revenue, payment on an account receivable, or some other account.Chapter 7 Accounting Information Systems out of Principles of Accounting, Volume 1. CASH RECEIPTS JOURNALDateAccountCashDRAccounts ReceivableCR2022Mar.13Mr. Jones$ 500$ 500

Cash Receipts Journal is one of the special journal under which all cash received by the business is…

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...

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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?
This transaction will be recorded in the Cash Receipts Journal. The receipt of cash from the sale of goods, as payment on accounts receivable or from other transactions, is recorded in a cash receipts journal with a debit to cash and a credit to the source of the cash, whether that is from sales revenue, payment on an account receivable, or some other account.

Chapter 7 Accounting Information Systems out of Principles of Accounting, Volume 1.

CASH RECEIPTS JOURNAL

Date

Account

Cash

DR

Accounts Receivable

CR

2022

Mar.13

Mr. Jones

$ 500

$ 500

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