Cash payments journal as a book of original entry
Answer Text: Cash payments journal as a book of original entry:- Cash payments journal is used to record daily payments of cash and cheques before these records are then summarized and totals posted to the credit side of cash and bank columns in the cash book at the end of the period.- Totals of discount received columns are posted to the credit side of discount received account in the general ledger.- Source documents used is cash sale slips (receipts) received and counterfoils of cheques issued.
Get premium membership