Chandler Company sold merchandise on credit to Jamie Morgan for $700 and the cost of the merchandise was $290.Chandler would record this sale in the:

Question

Quizplus · Accepted Answer

The sale made by Chandler Company to Jamie Morgan is on credit, not in cash. Thus, it should be recorded in the Sales journal as it involves only credit sales. The general journal and general ledger are used for all types of transactions. The cash receipts journal is used only when the company receives cash from customers. The Accounts Receivable controlling account is an account in the general ledger that summarizes all the transactions related to accounts receivable.

Chandler Company Sold Merchandise on Credit to Jamie Morgan for $700