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Name Date THE CASH PAYMENTS JOURNALObjectives After completing this chapter, you should be able to:1. Record transactions in a cash payments journal. 2. Total, prove, and rule the cash payments journal.3.
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Form cash payments is a document used to report cash transactions over a certain threshold to the relevant tax authorities.
Businesses and individuals who receive or make cash payments over a specified limit are required to file form cash payments.
Form cash payments can be filled out manually or electronically, depending on the requirements of the tax authorities. It typically requires information such as the payer's name and address, the amount of cash payment, and the purpose of the payment.
The purpose of form cash payments is to track and monitor large cash transactions to prevent money laundering and tax evasion.
Information such as the name and address of the payer and payee, the amount of cash payment, the date of the payment, and the purpose of the payment must be reported on form cash payments.
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