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Cash Receipts Journal: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a cash receipts journal?

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1. Why is it important to post cash receipts in a cash receipts journal?

2. In a situation when a company takes in $50 cash for payment on a customer account, what accounting transaction is reported in the cash receipts journal?

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help you gauge your understanding of a cash receipts journal. Topics you'll need to know to pass the quiz include understanding the defining characteristics of a cash receipts journal as well as knowing why it is important to post cash receipts in a cash receipts journal.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • What a cash receipts journal is
  • Why a cash receipts journal is important
  • How the cash entry is posted when cash is received
  • The type of posting necessary to keep a cash receipt transaction balanced
  • The types of accounts that may be affected when cash is received

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Distinguishing differences - compare and contrast topics from the lesson, such as debit and credit
  • Reading comprehension - ensure that you draw the most important information from the related cash receipts journal lesson
  • Interpreting information - verify that you can read information regarding how and why to maintain a journal for cash receipts and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about how to post to a cash receipts journal

Additional Learning

To learn more about the record of all the cash businesses take in, review the corresponding lesson on a Cash Receipts Journal. This lesson covers the following objectives:

  • Understand what a cash receipts journal is and how to use one
  • Know the difference between debits and credits
  • Explore a real-world example of posting to a cash receipts journal
  • Understand how to balance a cash receipts journal
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