Asked by Natalia Montenegro on Jun 11, 2024
Verified
In which journal would an adjustment for an overcharge by a creditor be recorded?
A) general journal
B) purchases journal
C) cash payments journal
D) cash receipts journal
General Journal
A primary accounting record used to keep track of all financial transactions, listed in chronological order.
Overcharge Creditor
The act of charging a creditor more than the agreed amount or more than the fair price for goods or services.
Adjustment Recorded
The act of documenting changes to accounts to correct or update financial information.
- Identify the transactions that are suitable for recording in general and special journals, respectively.
Verified Answer
KL
Kelley Law OfficeJun 12, 2024
Final Answer :
A
Explanation :
Adjustments, such as correcting an overcharge by a creditor, are recorded in the general journal. The purchases journal records purchases made on credit, the cash payments journal records cash payments made by the company, and the cash receipts journal records cash received by the company.
Learning Objectives
- Identify the transactions that are suitable for recording in general and special journals, respectively.
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