Question

Which of the following should be entered in the Journal?
(i) Payment for purchases
(ii) Fixtures bought on credit
(iii) Credit sale of goods
(iv) Sale of surplus machinery.

• A. (i) and (iii)
• B. (i) and (iv)
• C. (ii) and (iv)
• D. (iii) and (iv)

Answer 1

Answer: (B)

(i) and (iv)

In accounting and bookkeeping, a journal is a record of financial transactions in order by date. Traditionally, a journal has been defined as the book of original entry.

Credit transactions are recorded in sales book and purchase book.