Accounting for Sales and Cash Receipts: Introduction
Selling products or services to customers is the key to the financial success of any business. Accurate tracking of sales transactions and receipts visually illustrates how the business is doing. Therefore, journalizing cash receipts becomes an essential part of recording sales revenue. This is explained in the first part of the section.
The final part of this section defines the key terms used. Short questions, fill in the blanks, and multiple choice are given to test your understanding.