The second entry records the customer

The second entry records the customer - Smith's account is...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
The second entry records the customer's payment by debiting cash and crediting accounts  receivable. Most companies record cash receipts in a cash receipts journal. Since a special journal's  column totals are posted to the general ledger at the end of each accounting period, the posting to J. 
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Smith's account is the only one shown with the cash receipts journal entry in the illustration below....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online