Trust Funds
What is a 'columnar cash record' (general journal) in trust fund accounting?
AA spreadsheet tracking all property listings
BA chronological log of all trust fund receipts and disbursements, showing balance at all times✓ Correct
CA record of the broker's business income and expenses
DA record of all commission payments to salespersons
Explanation
A columnar cash record (or general trust fund journal) maintains a chronological record of all money received and disbursed from the trust account, including the date, source, amount, and running balance. It is a required trust fund record in California.
Related California Trust Funds Questions
- A salesperson receives an earnest money check from a buyer. What must the salesperson do with the check?
- A broker who holds a disputed earnest money deposit and cannot get agreement from the parties may:
- A broker is required to maintain a columnar record (trust fund ledger) for the trust account. The purpose of this record is to:
- When a real estate transaction closes, how should trust funds (e.g., the buyer's deposit) be handled?
- A broker must deposit a buyer's earnest money deposit into a trust account within:
- Which of the following is considered a trust fund under California law?
- Which of the following records is a broker required to maintain for the trust fund account?
- Commingling in real estate refers to:
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