Quote:
Originally Posted by Shafaqat Ali
Q. In Sale journal and Purchase journal, what is recorded?
a) Cash Sale b) Cash purchases c) Credit Purchases and Sale d) Cash Sale and Purchases
Which option and why? Please elaborate.  |
Both sales and purchase journals are used for recording credit items which belong to accounts payable and receivables. Hence, option c is correct.
Please see the following links for detailed notes on sales and purchase journals.
http://www.college-cram.com/study/ac...sales-journal/
http://www.college-cram.com/study/ac...hases-journal/