A company received payment of $9,800 from a customer within the discount period. Identify the journal the transaction would be recorded in.
A) Cash disbursements journal.
B) Sales journal.
C) Cash receipts journal.
D) Purchases journal.
E) General journal.

Question

Quizplus · Accepted Answer

The transaction involves a cash receipt and is within the discount period, indicating that the customer is taking advantage of the prompt payment discount. This type of transaction would typically be recorded in the cash receipts journal.

A Company Received Payment of $9,800 from a Customer Within