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WAEC Financial Accounting 2018 Question 5

Question 5

Books of Original Entry

Credit notes received are source documents for

  1. A.Returns Inwards Journal.
  2. B.Return Outwards Journal.
  3. C.Purchases Journal.
  4. D.Sales Journal.
Show the answer and explanation

Answer: B (Return Outwards Journal.)

Explanation

A credit note received comes from a supplier for goods we returned, so it is entered in the returns outwards journal.