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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

A purchases journal usually is used to record all

  1. (a) purchases.
  2. (b) cash purchases.
  3. (c) purchases of merchandise on account.
  4. (d) purchases returns and allowances.

To determine

Mention the correct option for the transactions that are recorded in the purchase journal.

Explanation

Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single column purchase journal, debit aspect of inventory and credit aspect of accounts payable are recorded, and then posted to individual subsidiary supplier account...

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