An adjustment resulting from a creditor charging too much for merchandise would be recorded in the:
A) general journal
B) purchases journal
C) cash payments journal
D) cash receipts journal

Question

Quizplus · Accepted Answer

The general journal is used for all adjusting entries, including adjustments for overcharging by a creditor. The purchases journal is used for recording purchases of merchandise, the cash payments journal is used for cash disbursements, and the cash receipts journal is used for cash collections.

An Adjustment Resulting from a Creditor Charging Too Much for Merchandise