In a Firm That Uses Special Journals,an Allowance Given for Damaged

question 19

Multiple Choice

In a firm that uses special journals,an allowance given for damaged merchandise is recorded in the

• A) cash payments journal.
• B) cash receipts journal.
• C) purchases journal.
• D) general journal.

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Definitions:

Accounts Receivable

Money owed to a business by its customers for goods or services delivered but not yet paid for.

May

The fifth month of the Julian and Gregorian calendars, often used in financial and operational planning calendars.

Cash Receipts

The total amount of cash collected by a business during a specific period.

December

The twelfth and final month of the year in the Gregorian calendar.