Asked by Camay Bhakoo on Jun 10, 2024
Verified
Companies record credit purchases of equipment or supplies in the
A) cash payments journal.
B) cash receipts journal.
C) general journal.
D) one-column purchases journal.
General Journal
The primary bookkeeping ledger where all financial transactions of a business are initially recorded, prior to being posted to specific accounts.
Credit Purchases
Transactions where goods or services are bought on credit, to be paid for at a later date.
Equipment
Tangible property (other than land or buildings) that is used in the operations of a business, such as machinery or computer hardware.
- Familiarize yourself with the technique of logging transactions in the general and subsidiary ledgers.
Verified Answer
Learning Objectives
- Familiarize yourself with the technique of logging transactions in the general and subsidiary ledgers.
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