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Doughton Furniture Company purchased merchandise on credit from Furniture Supply for $8,000. Two days later Doughton returned $2,000 of the merchandise due to damage. When Doughton pays for the merchandise minus the return, it would record the payment in the:A. Cash receipts journal.B. Cash disbursements journal.C. Purchases journal.D. Accounts Payable controlling account.E. General journal.

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Answer:

E) General journal

Explanation:

The general journal is used to record all the accounting transactions carried out by a company. If the company uses an accounting tool software or a more complete ERP software, the transaction should be recorded immediately or as soon as possible.

For example, the journal record for this transaction should be:

  • Dr Accounts Payable account 6,000
  • Cr Cash account 6,000

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