Which of the following statements is not correct? Multiple Choice The cash register proof is used to enter the cash sales and sales tax in the cash receipts journal. The cash receipts journal has separate columns for debits to Cash, credits to Accounts Receivable, credits to Sales, and credits to Sales Tax Payable. The entry to record the receipt of a promissory note to replace an open account is recorded in the cash receipts journal. In accounting, the term "cash" includes checks, money orders, and funds on deposit in a bank as well as currency and coins.
Which of the following statements is not correct? Multiple Choice The cash register proof is used to enter the cash sales and sales tax in the cash receipts journal. The cash receipts journal has separate columns for debits to Cash, credits to Accounts Receivable, credits to Sales, and credits to Sales Tax Payable. The entry to record the receipt of a promissory note to replace an open account is recorded in the cash receipts journal. In accounting, the term "cash" includes checks, money orders, and funds on deposit in a bank as well as currency and coins.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 3CE
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