What is the name of the book of original entry (prime entry) used to record the purchase of non-current assets (machinery) on credit? Required to answer. Single choice. A. General Journal B. General Journal C. Sales Daybook D. Purchase Ledger

What is the name of the book of original entry (prime entry) used to record the purchase of non-current assets (machinery) on credit? Required to answer. Single choice. A. General Journal B. General Journal C. Sales Daybook D. Purchase Ledger

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 9MC: Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory...

See similar textbooks

Related questions

Q: 7. Which of the following items appear on the same side of the trial balance? (CHOOSE A,B,C or D) A…

A: Introduction: Trial balance: All ledger accounts ending balances are posted in Trial balance to…

Q: When the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: FOB shipping point - Under FOB Shipping term of sale the purchaser have to bear the cost of…

Q: Which of the following accounts does not appear in the acquisition and expenditure cycle?a. Cash.b.…

A: Acquisition and expenditure cycle: It includes a set of all the business activities that are…

Q: Record the sale of equipment. Note: Enter debits before credits. Transaction General Journal Debit…

A: Depreciation means the wear and tear by usage of assets or passage of time.

Q: Sales revenues are usually considered earned when Select one: a. goods have been transferred from…

A: Definition: Sales Revenue: Sales Revenue is considered as the income received from the sale of the…

Q: When a product is sold on credit, which account should be debited for the seller? A.cash…

A: Sale of a product means to sell the goods in stock to the customer. It can be sold either on cash or…

Q: Which of the following accounts will be closed with a credit? O a. Fees earned O b. Depreciation…

A: The question is related to Accouts which are closed by crediting them. All the nominal accounts are…

Q: Sales are recognized as earned revenue when a)Cash is received from credit sales b)An order is…

A: The revenue recognition is one among the various generally accepted accounting principles (GAAP).…

Q: Drawing, explain how a purchase transaction on account impacts the buyer and the seller and also…

A: Purchase transaction means when one party purchases goods from another party. This transaction can…

Q: How to journaalize entries from accounting for purchase with frieght transaction?

A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…

Q: The journal entry to record the purchase of supplies on accounta. credits Supplies and debits…

A: Journal entries Journal entries are the transactions that are recorded in the primary book. They are…

Q: b.) Credit

A: Prepayment is an accounting term referred to the types of expenses not incurred yet but for which…

Q: Can you identify if it is current or non-current asset, liabilities, or owner's equity? ▸ rent…

A: The balance sheet represents the financial position of the business with its assets, liabilities and…

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…

Q: Which of the following is NOT a financial transaction? a. purchase of products b. cash receipts c.…

Q: Total of these transactions is posted in purchase account :(i) Purchase of furniture(ii) Cash and…

A: option (ii) is Correct answer. Purchase account- Purchase account is prepared for recording purchase…

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

Q: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Exercise: Classify the following event: AU if it is (asset used), SA (source of asset). EA (exchange…

A: Assets refer to the resources that are used in the business for the purpose of efficient operations.…

Q: Question 1 All of the documents are involved in the purchase-to-pay (expenditure) process, except:…

A: Picking ticket is the list of details regarding the items that are to be shipped from the warehouse…

Q: Which of the following transaction is not recorded in the general journal? Select one: A. All of…

A: Correct option is A i.e. All of the above

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: The current assets are :- a - ending raw materials inventory. b - account receivable. c - notes…

A: Current assets are assets that are in cash form or that can be converted into cash in short period…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: indicate in which journal the following transactions are most likely to be recorded. 1. purchased…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: the entry to record the purchase of supplies on account includes a credit to what?

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: When using a manual accounting information system, which of the following transactions would be…

Q: Which of the following appears in the balance sheet accounts section of a pre-adjustment trial…

A: Pre adjustment trial balance is the summary of all general ledger account balances in the business…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Assets are the resources of a company which provides future cash flows and having an economic value.…

Q: The journal entry to purchase equipment on account includes a: Oa. debit to Accounts Payable. Ob.…

A: Equipment Purchase Transaction: In the purchase of equipment on account, there are two accounts that…

Q: After completing the preparation, the necessarg credit adjustments are made to adjust the balances…

A: At the end of accounting period, every business has to make some adjusting entries. These adjustment…

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A: An account is a record that is maintained to chronicle the monetary transactions related tovarious…

Q: When closing income statement accounts having debit balances, which of the following accounts will…

A: In Income Statement expenses has debit balance and Revenue has credit balance. The detailed…

Q: The purchase of transportation equipment on a note payable is recorded as follows: Group of…

A: The purchase of transportation equipment on a note payable : Transportation equipment is an asset to…

Q: The following items are recorded in the general journal, except Select one: A. Purchase of…

A: >Journal entries are the first accounting treatment that is given to a transaction, where in the…

Q: inventory that it previously purchased. The entry to record that transaction should be: Group of…

A: The journal entries are prepared to record daily transactions of the business.

Q: Which one of the following commences on the day inventory is purchased and ends on the day the…

A: Inventory period: It is a measure of the average number of days the inventory is held.

Q: Which of the following items would be recorded in the purchases journal? A. supplies purchased on…

A: Purchase journal is the journal specifically to record purchase transactions. It shows all the…

Q: Which of the following needs an adjustment to the accounts receivable account of AB Company? a. a…

A: The freight cost is paid by the seller till the goods have reached their destination and then the…

Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…

A: Answer: Option c.

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: 10. A trial balance prepared after the closing entries have been posted would include which one of…

A: Post-closing trial balance is prepared after all the adjustment entries and closing entries. Under…

Q: ut the correct word next to the answer that best describes the following : scheduling, cash,…

A: As there is questions and answers for the given question we can't explain the individual answer.…

Q: Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow,…

A: A = L + NA is known as the Accounting Equation. Financial Accounting consist largely of keeping…

Question

What is the name of the book of original entry
(prime entry) used to record the purchase of
non-current assets (machinery) on credit?
Required to answer. Single choice.
A. General Journal
B. General Journal
C. Sales Daybook
D. Purchase Ledger

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventory
Determining Net Purchases The following amounts were obtained from the accounting records of Newton Company, Washington Inc., and Adams Company: Required: Next Level Compute the missing amounts.
Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurance
Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory B. accounts payable, merchandise inventory C. A or B D. cash, accounts payable
What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivable
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
Which of the following describes features of a perpetual inventory system? A. Technology is normally used to record inventory changes. B. Merchandise bought is recorded as purchases. C. An adjusting journal entry is required at year end, to match physical counts to the asset account. D. Inventory is updated at the end of the period.
Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
Record the following purchase transactions of Money Office Supplies.
What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
indicate in which journal the following transactions are most likely to be recorded. 1. purchased inventories on credit. 2. sales on inventories on credit.
Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal indicate which journal the following transactions are most likely to be recorded Purchased inventories on credit Sales of inventory on credit Received payment of customer accounts Payment of monthly rent by cheque End of period closing enteries