Asked by
Lauren Sterneman
on Nov 14, 2024Verified
Checks received through the mail should
A) immediately be endorsed "For Deposit Only."
B) be sent to the accounts receivable subsidiary ledger clerk for immediate posting to the customer's account.
C) be cashed at the bank as soon as possible.
D) be "rung up" on a cash register immediately.
Accounts Receivable Subsidiary Ledger
A detailed ledger that contains individual accounts for customers who owe money to the business, supporting the control account in the general ledger.
For Deposit Only
An endorsement on a check specifying that the check is to be deposited into an account and not cashed directly.
- Ascertain the methods utilized for controlling cash transactions and distributions.
- Identify the different kinds of endorsements and understand their functions.
Verified Answer
MC
Learning Objectives
- Ascertain the methods utilized for controlling cash transactions and distributions.
- Identify the different kinds of endorsements and understand their functions.