Question

You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which...

You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction?You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction?

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Answer #1

Answer: General Journal.

(or) General journal and the accounts payable subsidiary ledger

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Special journals are used to record transactions of a similar nature.

Types of the special journal are as follows:

1. Sales journal - To record credit sales of merchandise

2. Purchase journal - To record credit purchases of merchandise

3. Cash receipts journal - To record all cash receipts.

4. Cash disbursement or payment journal - To record all cash disbursements (or) cash payments.

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General journal - To record all adjusting entries and other entries that do not fit in any of the above special journals.

To record purchase returns, general journal would be used.

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