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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

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

List four items of information about each purchase entered in the purchases journal.

To determine

List four items of information about each purchase entered 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.

Format of purchase journal:

Purchase Journal
 DateInvoice No.From Whom Purchased

Post...

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