Which of the following specialized journals records "goods returned by customers"?
Correct answer: D. Sales return journal
- A. Purchase journal
- B. Sales journal
- C. Purchases return journal
- D. Sales return journal
Explanation
Goods returned by customers are sales returns, so they are recorded in the sales return journal. The purchases return journal is used when goods are returned to suppliers.
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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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