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hypervy
Mar 18, 2007, 04:21 PM
This is a question from another take-home quiz.

Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. A sales return for credit on account would be recorded in the:

Sales journal.
General journal.
Cash receipts journal.
Accounts receivable ledger.
Cash disbursements journal

I believe the answer is the sales journal.

Am I right?

Please help by explaining the correct answer.

Thanks,

And thanks again to CaptainForest for the question last week.

hypervy

:confused:
Angelhelp
Mar 18, 2007, 05:45 PM
This is a question from another take-home quiz.

Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. A sales return for credit on account would be recorded in the:

Sales journal.
General journal.
Cash receipts journal.
Accounts receivable ledger.
Cash disbursements journal

I believe the answer is the sales journal.

Am I right?

Please help by explaining the correct answer.

Thanks,

And thanks again to CaptainForest for the question last week.

hypervy

:confused:
I agree that it is the Sales Journal (although sales returns are normally in the Sales Ledger). Do not let this confuse you.