When Special Journals Are Used,the General Journal Is Used to Record

question 8

Multiple Choice

When special journals are used,the general journal is used to record

• A)purchase returns.
• B)sales of merchandise on credit.
• C)receipts of cash.
• D)purchases on credit.

---

Definitions:

Mortgage Loan

A loan secured by the collateral of specified real estate property, where the borrower is obliged to pay back with a predetermined set of payments.

Duty To Buy

An obligation, usually legal or contractual, to purchase a specific product or service.

Constructive Condition

Conditions inferred by law to enforce fairness in the performance of contractual obligations, even if not explicitly stated in the contract.

Breach Of Contract

A failure to perform any promise that forms all or part of a contract.