If There Is No Cash Involved in a Particular Business

question 92

Multiple Choice

If there is no cash involved in a particular business transaction then the transaction should be recorded in:

• A)either cash receipts journal or general journal.
• B)either sales journal or purchases journal.
• C)only general journal.
• D)sales journal, purchases journal, or general journal.

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Definitions:

Sue

To initiate legal proceedings against an individual or entity with the aim of obtaining redress or enforcing a right.

Computer Sales

The business activity of selling computers, computer components, and software to consumers or other businesses.

Title Passes

The legal transfer of ownership of a property from the seller to the buyer.

Physically Delivered

Refers to contracts, particularly in commodities trading, where the actual physical commodity is delivered upon contract expiration.