Answered: hich of the following statements are…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 3EB: For each of the following statements, fill in the blanks with the correct account names. A. A...

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1.Which of the following statements are true?
a. Recording purchase transactions in a general journal is considered efficient.
b. Most businesses will carefully enter all purchase orders using the purchase order
journal.
c. A purchase requisition follows a purchase order.
d. It is important for a company to verify all numbers on a supplier’s invoice
e. In general, cash discounts are so minor they can be ignored.

From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022.

Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6

L VON CO. CREDIT 100 9/5 GJ4

XON CO. CREDIT 300 9/15 GJ6

J. BEE CO. CREDIT 800 9/18 GJ6

ZERO CO. CREDIT 200 9/7 GJ5

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