The journal entry to record the receipt of cash for the value of a time draft would be recorded in a
A) cash payments journal.
B) cash receipts journal.
C) general journal.
D) sales journal.

Question

Quizplus · Accepted Answer

The correct journal for recording the receipt of cash, including for the value of a time draft, is the cash receipts journal. This journal is specifically used to record all cash inflows or cash received by the business.

The Journal Entry to Record the Receipt of Cash for the Value