Which of the following specialised journals will record "goods returned by the BUSINESS "?
Correct answer: D. Purchases return journal
- A. Purchase journal
- B. Sales journal
- C. Sales return journal
- D. Purchases return journal
Explanation
Goods returned by the business are goods returned to its supplier, so they are entered in the purchases return journal. A sales return journal records goods returned by the business's customers.
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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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