Which of the following is not true regarding the general ledger account for Cash?
A)The balance of the account indicates the amount of cash owned by the business on a particular date.
B)Each debit entry in the Cash account represents a cash receipt.
C)Debit entries are made before credit entries.
D)Credit entries in the Cash account represent cash payments.

Question

Quizplus · Accepted Answer

Debit entries and credit entries can be made in any order and it depends on the transaction being recorded. There is no specific rule that debit entries must always be made before credit entries in the Cash account.

Which of the Following Is Not True Regarding the General