Which of the following journals would a company use to record cash collections from customers,net of discounts taken?
A)General journal.
B)Cash receipts journal.
C)Cash disbursements journal.
D)Purchases journal.
E)Sales journal.

Question

Quizplus · Accepted Answer

The cash receipts journal is used to record all cash received by a company, including cash collections from customers. It is also used to record any discounts taken by the customer, as these reduce the amount of cash received.

Which of the Following Journals Would a Company Use to Record