Which of the following transactions would LEAST likely be recorded in the special journals? Group of answer choicesCash received from customers for returned goods.Sales made on account with terms 2/10, n/30.Cash payments for purchases previously purchased on account.Purchase of equipment through issuance of a promissory note.
Question
Which of the following transactions would LEAST likely be recorded in the special journals? Group of answer choicesCash received from customers for returned goods.Sales made on account with terms 2/10, n/30.Cash payments for purchases previously purchased on account.Purchase of equipment through issuance of a promissory note.
Solution
The transaction that would LEAST likely be recorded in the special journals is the "Purchase of equipment through issuance of a promissory note."
Here's why:
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Cash received from customers for returned goods: This would be recorded in the cash receipts journal because it involves the receipt of cash.
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Sales made on account with terms 2/10, n/30: This would be recorded in the sales journal because it involves a sale on account.
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Cash payments for purchases previously purchased on account: This would be recorded in the cash payments journal because it involves the payment of cash.
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Purchase of equipment through issuance of a promissory note: This transaction would not typically be recorded in a special journal. Special journals are used for recording the frequent day-to-day transaction of a business. The purchase of equipment through issuance of a promissory note is a non-routine transaction and would likely be recorded in the general journal.
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