Asked by garrett miles on May 11, 2024
Verified
A purchase of supplies on account is recorded in the
A) revenue journal
B) general journal
C) purchases journal
D) cash payments journal
Purchases Journal
The purchases journal is a specialized accounting ledger that tracks all purchase transactions of a business, including inventory purchases on credit.
Supplies Account
An account in the general ledger that records the amount spent on supplies that are used in the operation of a business.
General Journal
A ledger where all financial transactions of a business are initially recorded using double-entry bookkeeping.
- Ascertain and organize transactions in the suitable financial logs.
- Ascertain the proper documentation of buying and selling activities.
Verified Answer
BF
babar farooqMay 16, 2024
Final Answer :
C
Explanation :
A purchase of supplies on account is a type of credit purchase, which is recorded in the purchases journal. This journal is used to record all credit purchases made by a business.
Learning Objectives
- Ascertain and organize transactions in the suitable financial logs.
- Ascertain the proper documentation of buying and selling activities.