The general ledger accounts used when posting the sales journal are:
A)sales returns and allowances,sales revenue,accounts receivable and cost of sales.
B)sales revenue,cost of sales,inventory,accounts receivable and GST clearing account.
C)purchases,sales returns and allowances,sales revenue,accounts receivable and GST clearing account.
D)cash,sales revenue,accounts payable and inventory.

Question

Quizplus · Accepted Answer

The sales journal is used to record all credit sales transactions. The general ledger accounts used when posting the sales journal are sales revenue (to record the sales amount), cost of sales (to record the cost of goods sold), inventory (to record the reduction in inventory due to sales), accounts receivable (to record the amount owed by the customer) and GST clearing account (to record the GST payable on the sales). Therefore, choice B is the best option as it includes all the necessary accounts.

The General Ledger Accounts Used When Posting the Sales Journal