For each of the transactions listed below, select 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.
-Sold merchandise for cash
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

When merchandise is sold for cash, the transaction is recorded in the Cash Receipts Journal (CR) because cash is received by the business.

For Each of the Transactions Listed Below, Select the Journal