In a firm that uses special journals, a sale of merchandise on credit is recorded in the

Question

Quizplus · Accepted Answer

A sale of merchandise on credit is a revenue transaction, and revenue transactions are recorded in the sales journal in a firm that uses special journals. The cash receipts journal would only be used for transactions involving the receipt of cash, while the cash payments journal would only be used for transactions involving the payment of cash. The purchases journal is used for recording purchases of merchandise, not sales.

In a Firm That Uses Special Journals, a Sale of Merchandise