Fantasia Enterprises received a tax refund cheque in the mail and immediately deposited it in the bank.Assuming the use of special journals,this entry would be recorded in the:

Question

Quizplus · Accepted Answer

The tax refund cheque is a cash receipt, which means it should be recorded in the cash receipts journal. The general journal is used for miscellaneous entries, while the cash payments journal is used for recording payments made by the company. Therefore, the best choice is B - cash receipts journal.

Fantasia Enterprises Received a Tax Refund Cheque in the Mail