The general ledger accounts used when posting the sales journal are:
A)cash, sales revenue, accounts receivable, and inventory.
B)sales returns and allowances, sales revenue, accounts receivable, and cost of goods sold.
C)sales revenue, cost of goods sold, inventory, and accounts receivable.
D)sales discounts, sales returns and allowances, sales revenue, and accounts receivable.

Question

Quizplus · Accepted Answer

The sales journal typically involves transactions that affect sales revenue, cost of goods sold, inventory, and accounts receivable. Sales revenue is credited when a sale is made, cost of goods sold is debited and inventory is credited to reflect the cost of the inventory sold, and accounts receivable is debited to record the amount owed by the customer.

The General Ledger Accounts Used When Posting the Sales Journal