Multiple Choice
For each of the transactions listed below, select the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal.
-Received an allowance for some merchandise that was slightly damaged but can be sold at a reduced price. Received a credit memorandum.
A) CR for cash receipts journal
B) CP for cash payments journal
C) S for sales journal
D) P for purchases journal
E) G for general journal.
Correct Answer:
Verified
Correct Answer:
Verified
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