Asked by Squid Neutral on Jun 19, 2024
Verified
In which journal would a customer's partial payment on account be recorded?
A) Sales journal
B) Cash receipts journal
C) General journal
D) Cash payments journal
Partial Payment
A payment made that is not the full amount owed at the time, typically agreed upon in advance between debtor and creditor.
Cash Receipts Journal
A specialized accounting journal that tracks all cash inflows or money received by a business.
Sales Journal
A specialized accounting journal used to record all sales made by a business on credit.
- Gain an understanding of the different transactions recorded in individual journals.
Verified Answer
BH
Brady HearstJun 23, 2024
Final Answer :
B
Explanation :
A customer's partial payment on account is recorded in the cash receipts journal, as it involves the receipt of cash. The sales journal is used to record credit sales, the general journal is used for non-routine and adjusting entries, and the cash payments journal is used to record payments made by the company.
Learning Objectives
- Gain an understanding of the different transactions recorded in individual journals.