8. A lockbox system: a) entails the use of a bank which is centrally located to...
8. A lockbox system:
a) entails the use of a bank which is centrally located to collect payments on a nationwide basis.
b) is designed to deposit a customer's check into the firm's bank account prior to recording the receipt of that check to a customer's account.
c) is used to reduce the disbursement float of a firm.
d) automatically records payments to a customer's account when the customer's check is received at the lockbox location.
PLEASE HELP
Homework Answers
Answer: Option b is correct.
A lockbox system is designed to deposit a customer's check into the
firm's bank account prior to recording the receipt of that check to
a customer's account.
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8. A lockbox system:
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Compare the details of the cash disbursement journal entries
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