Answer to Question #97551 in Economics for Joshua

Question #97551

7.The Sales Day Book records goods sold ….........
a.On Credit
b.In bulk
c.On Credit and Cash
d.On Cash

8.Mr. Mosirunmuro sold cosmetics and receive cash of N90, 000 on 15th of January 2016.What is the double entry postings for this transaction?
a.DR Cash Acct and CR Purchases Acct
b.CR cash and Cr Bank
c.CR Purchases Acct and CR Sales Acct
d.DR Cash Acct and CR Sales Acct

Expert's answer

7. The Sales Day Book records goods sold on Credit.

So, the correct answer is a.

8. The double entry postings for this transaction is: DR Cash Acct and CR Sales Acct.

So, the correct answer is d.