Question

The receipts journal may be used for the following -

1) full cash payment from customers
2) partial cash payment from customers
3)ustomers paying more than one invoice with a single

Answer 1

The receipts journal is used for various types of cash payments, including full cash payments, partial cash payments, and customers settling multiple invoices with one payment.

Step-by-step explanation:

The receipts journal is commonly used in accounting to record all receipts of cash. The typical transactions recorded in a receipts journal include:

1. Full cash payment from customers for goods or services provided.
2. Partial cash payments from customers, often for invoices that are settled over time.
3. Customers paying more than one invoice with a single payment, which simplifies the payment process and accounting entries.

Each of these instances would involve a credit to the cash account and a corresponding debit to the appropriate account(s), such as accounts receivable, sales revenue, or other accounts depending on the nature of the transaction.