Ask Question
BusinessBusiness
20 May, 19:50

Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period. Identify the journal the transaction would be recorded in:

+4
Answers (1)
  1. 20 May, 20:03
    0
    Cash receipts journal

    Explanation:

    The cash receipt journal is an accounting journal system which keeps the track of all the transactions i. e the sales and cash credited.

    Here in the given question the payment is received by the credit customer.

    Hence, for the sales transaction the payment is credited in the account of the company.

    Thus,

    it will be recorded in the Cash receipts journal
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period. Identify the journal the transaction would ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Lemming makes an $18,750, 120-day, 8% cash loan to Notions Co. on November 1. Lemming's end-of-period adjusting entry on December 31 should be: Multiple Choice Debit Interest Revenue $500; credit Notes Receivable $500.
Answers (1)
Sophie wants a job interviewing people about current events when she gets older.
Answers (1)
Which of the following cultures develops an emphasis on entrepreneurship and respect for the employee and allows the use of organizational structures that empower employees to make decisions and motivate them to succeed? A. Aggressive cultures B.
Answers (1)
Jerry has $50 to spend at the electronics store. He sees two movies that he wants that are $15 each. There is also a video game that he wants that costs $45.
Answers (1)
Which of the following will prevent a corporation from qualifying as an S corporation? A. Deriving more than 40% of its gross receipts from passive income sources. B. Having a partnership as a shareholder. C.
Answers (1)
New Questions in Business
Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $45,500 for medical insurance and contribute an additional $10,000 to a retirement program. 1.
Answers (1)
Here are selected data for Wilson Company: Estimated manufacturing overhead $ 247 comma 760$247,760 Factory utilities $30,200 Estimated labor hours 35,000 Indirect labor $22,400 Actual direct labor hours 36,000 Sales commissions $53,700 Estimated
Answers (1)
Advanced Analysis) Suppose that the linear equation for consumption in a hypothetical economy is: C = 40 + 0.8Y Also suppose that income (Y) is $400. Determine the values for the following: MPC, MPS, C (consumption), APC, S (savings), APS
Answers (1)
In international business, a relatively high level of fixed costs can make it economical to perform a particular activity in several locations at once. True / False.
Answers (1)
You are given the following information about a portfolio you are to manage. For the long term, you are bullish, but you think the market may fall over the next month. Portfolio Value $ 1 million Portfolio's Beta 0.
Answers (1)
Home » Business » Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period. Identify the journal the transaction would be recorded in:
Sign Up Forgot Password?