Credit note is the basis for recording a transaction in which of the following journals? A. Purchase Journal B. Sales return journal C. General journal D. Cash receipt journal

The correct answer is: B. Sales return journal.

A credit note is a document issued by a seller to a buyer to acknowledge the return of goods or the cancellation of a sale. It is used to reduce the amount owed by the buyer to the seller.

A sales return journal is a book of original entry used to record sales returns. It is a subsidiary ledger to the accounts receivable ledger.

The other options are incorrect because:

• A purchase journal is used to record purchases of goods or services.
• A general journal is used to record all transactions that do not fit into any other specific journal.
• A cash receipt journal is used to record cash receipts.

I hope this helps!