In which journal is the receipt of a promissory note from a customer on account recorded?
A) revenue journal
B) cash receipts journal
C) general journal
D) purchases journal

Question

Quizplus · Accepted Answer

The receipt of a promissory note from a customer on account is a non-cash transaction that does not fit the specific criteria for entries in the revenue, cash receipts, or purchases journals. Therefore, it is recorded in the general journal, which is used for recording transactions that do not fit into the specialized journals.

In Which Journal Is the Receipt of a Promissory Note