Which of the following is NOT typically shown as a separate column in a cash receipts journal that uses the perpetual inventory system?
A) Interest Revenue CR column
B) Cost of Goods Sold DR, Merchandise Inventory CR column
C) Sales Revenue CR column
D) Sales Discounts Forfeited CR column

Question

Quizplus · Accepted Answer

The Interest Revenue column is not typically shown in a cash receipts journal that uses the perpetual inventory system. This column is more commonly found in a general journal or a separate journal for recording interest earned on investments. The other columns listed (Cost of Goods Sold DR, Merchandise Inventory CR; Sales Revenue CR; Sales Discounts Forfeited CR) are all relevant to the perpetual inventory system and would typically be included in a cash receipts journal.

Which of the Following Is NOT Typically Shown as a Separate