Multiple Choice
Which of the following statements is not correct?
A) The sales slip is the source document for sales on credit transactions.
B) A journal that is used to record only one type of a transaction is called a special journal.
C) Use of a sales journal eliminates repetition in posting individual entries to the Accounts Receivable account in the general ledger.
D) If the firm must collect sales tax on retail transactions, the sales journal should have a Sales Tax Payable Debit column.
Correct Answer:
Verified
Correct Answer:
Verified
Q68: The Sales account is classified as a(n)<br>A)liability
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