Asked by Alyssa Cansler on May 11, 2024
Verified
Record purchase on account from vendor
a. Purchases journal
b. Revenue journal
c. Cash receipts journal
d. Cash payments journal
e. Accounts receivable subsidiary ledger
f. Accounts payable subsidiary ledger
g. General journal
Accounts Payable Subsidiary Ledger
A detailed ledger containing all individual creditor accounts, supporting the main accounts payable account by listing individual transactions.
Purchases Journal
A specialized accounting journal used to record all purchasing transactions, particularly on account.
Record Purchase
The accounting process of recording the buying of goods or services in the financial records of a company.
- Grasp the concept of differentiating among various journals and ledgers used in the discipline of accounting.
- Establish the right journal or ledger for the documentation of different transactions.
Verified Answer
SD
Learning Objectives
- Grasp the concept of differentiating among various journals and ledgers used in the discipline of accounting.
- Establish the right journal or ledger for the documentation of different transactions.