The end-of-month balance in Dryer Industries' cash receipts journal's 'Other accounts,amount' column is $22 630.How will this column be posted?

Question

Quizplus · Accepted Answer

The 'Other accounts, amount' column in the cash receipts journal is used to record the receipt of funds that are not related to a specific customer account or invoice. These could include items like interest income, cash refunds, or other miscellaneous receipts.

Since the balance in this column represents the total of multiple transactions, it cannot be posted to a single account directly. Instead, the individual items in this column will need to be analyzed and posted to their respective accounts.

Therefore, option C is correct. However, it is also possible that some transactions in this column may have been recorded incorrectly or may not have supporting documentation. In such cases, it may not be possible to post the entire balance of this column. In such situations, B is also a correct option. Hence, the correct answer is D.

The End-Of-Month Balance in Dryer Industries' Cash Receipts Journal's 'Other