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 with terms of net 30 days.
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 on account (with terms of net 30 days) are recorded in the purchases journal.

For Each of the Transactions Listed Below, Identify the Journal