Question

Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period. Identify the journal the transaction would be recorded in:

Answer 1

Answer:

Cash receipts journal

Explanation:

The cash receipt journal is an accounting journal system which keeps the track of all the transactions i.e the sales and cash credited.

Here in the given question the payment is received by the credit customer.

Hence, for the sales transaction the payment is credited in the account of the company.

Thus,

it will be recorded in the Cash receipts journal