Credit memo or credit note is entered in which of the following journal? A. General journal B. Cash journal C. Purchase journal D. Sales return day book
Question
Credit memo or credit note is entered in which of the following journal? A. General journal B. Cash journal C. Purchase journal D. Sales return day book
Solution
The credit memo or credit note is entered in the Sales Return Day Book (Option D).
Here's why:
A. General Journal: This is used for recording transactions that don't fit into the other specific journals or for adjusting entries.
B. Cash Journal: This is used for recording all cash receipts and payments.
C. Purchase Journal: This is used for recording all credit purchases.
D. Sales Return Day Book: This is used for recording goods returned
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