Question

Received an invoice amounted to RM8,880 from Rogayah and received 5% trade discount. * a.Cash Payments...

Received an invoice amounted to RM8,880 from Rogayah and received 5% trade discount. *

a.Cash Payments Journal

b.Sales Journal

c.General Journal

d.Purchases Journal

e.Returns Inwards Journal

f.Cash Receipts Journal

g.Returns Outwards Journal

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Homework Answers

Answer #1

This transaction is recorded as Credit purchases and such credit purchase transactions are recorded in Purchases Journal.

Answer is Option d)

Cash payment journal is used to record cash payments

Sales journal is used to record sales made to each customer

General journal is used to record adjusting entries, stock entries etc.

Returns inward journal is used for recording of sales returns.

Cash receipt journal is used to record cash receipts

Returns outward journal is used to record purchase returns.

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