JAMB Accounting 2015 Objective — Question 14

Question 14 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandise purchased with cash (for a refund), it makes an entry in the

A. Cash receipts journal
B. Sales journal
C. General journalCorrect
D. Cash disbursement journal

Explanation

Cash refunds for returned merchandise, being an unusual/non-routine transaction, are recorded in the General journal: Dr Sales returns, Cr Cash.

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