Question

In which journal would you find cash revenues recorded?

Answer 1

A cash receipts journal is where all cash inflows of an organization are recorded. On the other hand, for the cash outflows, a cash payments journal is used.

A cash receipt journal contains the following fields;

  * Date

  * Customers name.

  * Identification of cash receipt such as the invoice number.

  * Debit and credit columns to record both sides of each entry.

The cash receipt is used in accounting to help keep track of the sales when cash is received by crediting sales and debiting payment and transactions related to revenues.