Which of the following transactions does the above journal item belong to? a) Goods Sales Return Record B) Registration of Returns from Purchase of Goods NS) Goods Sales Discount Posting D) Goods Purchase Expenses Record TO) Goods Sales Record
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Which of the following transactions does the above journal item belong to? |
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All options are discussed as under:
1) Goods Sales Return Record: In this record, all the sales returns received back from cutomers are recorded.
2) Registration of Returns from Purchase of Goods: Details of all goods returned by the enterprise from the purchases made to the vendor are recorded under this.
3) Goods Sales Discount Posting: Whenever a discount is provided by the enterprise to its customers, the details of such sales discount is recorded in this posting.
4) Goods Purchased Expense Record: All goods purchased by an enterprise for normal operations of a business are recorded under this.
5) Goods Sales Record: All sales made by an enterprise is recorded in this.
Please refer to step 2 for complete elaboration of the given journal entry and the correct answer.
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