Assume that a company uses special journals for sales,purchases,cash receipts,and cash disbursements.A sales return for credit on account would be recorded in the:
A)Sales journal.
B)General journal.
C)Cash receipts journal.
D)Direct posting journal.
E)Cash disbursements journal.

Question

Quizplus · Accepted Answer

A sales return for credit on account is not a cash transaction and does not fit into the special journals for sales, cash receipts, or cash disbursements. It is recorded in the general journal, which is used for non-routine transactions.

Assume That a Company Uses Special Journals for Sales,purchases,cash Receipts,and