Asked by Jason Harris on May 19, 2024
Verified
A one-column purchases journal is used to record purchases of merchandise on account.
Purchases Journal
A special journal that records all purchases of merchandise on account.
Merchandise
Goods purchased for resale to customers in the ordinary course of a business's operations.
- Grasp the distinctions among journal types, including cash payments, cash receipts, and purchases, and their roles in accounting transactions.
Verified Answer
EJ
Erica JohnsonMay 21, 2024
Final Answer :
True
Explanation :
A one-column purchases journal is indeed used to record purchases of merchandise on account.
Learning Objectives
- Grasp the distinctions among journal types, including cash payments, cash receipts, and purchases, and their roles in accounting transactions.