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Describe the transactions that are recorded in a special sales journal by completing the following sentence. Only (purchases/receipts/sales) of inventory on (cash/credit) as well as the charges for sales taxes owed, are recorded in a sales journal.

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jepessoa

Answer:

Only SALES of inventory on CREDIT as well as the charges for sales taxes owed, are recorded in a sales journal.

Explanation:

Only the company's sales on credit are recorded in the sales journal. If the company is a retailer or manufacturer, it will record its sales of inventory.

While the cash receipts journal is used to record sales on cash.

They are kept separate because the balance of the sales journal should equal accounts receivable on the balance sheet.

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