A special journal used to record all cash collections is called a(n):
A)Cash receipts journal
B)Remittance advice
C)Check register journal
D)Customer subsidiary journal

Question

Quizplus · Accepted Answer

A cash receipts journal is specifically designed to record all cash collections, including cash sales, customer payments, and other miscellaneous cash receipts. The purpose of the cash receipts journal is to ensure that all cash collections are accurately recorded and tracked, and to simplify the process of reconciling cash receipts with bank deposits. Remittance advice, check register journal, and customer subsidiary journal are not specifically designed for recording cash collections.

A Special Journal Used to Record All Cash Collections Is