Which of the Following Is Not a Special Journal

question 15

Multiple Choice

Which of the following is not a special journal:

• A)Sales journal.
• B)Purchases journal.
• C)Cash receipts journal.
• D)Cash disbursements journal.
• E)General journal.

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Definitions:

Forego Discount

Choosing not to take advantage of early payment discounts offered by suppliers or creditors.

Costly Trade Credit

Refers to the high cost associated with the short-term financing obtained by buyers from suppliers when they choose to delay payment.

Gross Purchases

The total amount of all purchases made by a business before deducting any discounts, returns, or allowances.

Credit Terms

Credit terms are the payments conditions set by sellers for goods and services, including the period provided to the buyer to settle the owed amount.