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:

Quote:

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Originally Posted by hypervy

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:

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

The answer is general ledger. I got this wrong because I went with others answers.

Quote:

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Originally Posted by turtle1

The answer is general ledger. I got this wrong because I went with others answers.

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General journal***