Sales on credit is recorded in which of the following journal?
Correct answer: B. Sales journal
- A. Purchase journal
- B. Sales journal
- C. Purchases return journal
- D. Sales return journal
Explanation
The sales journal records credit sales of goods for resale. Cash sales go to the cash book, while sales returns are recorded separately in the sales return journal.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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