Where do we record cash sales in Tally A. Contra B. Receipt C. Payment D. Journal

The correct answer is: D. Journal

A journal is a book of original entry in which all financial transactions are recorded in chronological order. Cash sales are recorded in the journal as a debit to the cash account and a credit to the sales account.

A contra account is an account that is used to offset the balance of another account. For example, the allowance for doubtful accounts is a contra account to the accounts receivable account.

A receipt is a document that is issued to acknowledge the receipt of money or goods.

A payment is a transfer of money or goods in exchange for something else.

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