For each of the transactions listed below, identify the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal.
-Purchased merchandise; the supplier's invoice, which includes a freight charge, has payment terms of 2/10, n/30.
A)CR for cash receipts journal
B)CP for cash payments journal
C)S for sales journal
D)P for purchases journal
E)G for general journal.

Question

Quizplus · Accepted Answer

Purchases of merchandise, especially on terms like 2/10, n/30, are typically recorded in the purchases journal, as this journal is specifically used for recording purchases of goods on credit.

For Each of the Transactions Listed Below, Identify the Journal