Which of the following transactions is recorded in the purchases journal? A. cash purchase of merchandise inventory B. cash sales of merchandise inventory C. sale of merchandise inventory on account D. purchase of furniture on account

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11-07-2019
Business

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Which of the following transactions is recorded in the purchases journal? A. cash purchase of merchandise inventory B. cash sales of merchandise inventory C. sale of merchandise inventory on account D. purchase of furniture on account

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Nyctalus Nyctalus · Answer 1 · 2019-07-22T08:13:27+02:00

Answer: Option D

Explanation: A specialized type of journal that keeps records of orders made by a business on credit or on account is called purchase journal. In simple words we can say that this journal is used by entities to record all the orders placed using vendor credit or accounts payable.

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Therefore, Transactions in option A and B will not be recorded in purchase journal as these are cash transactions and option C is a sales transaction. Thus, purchase of furniture on account in option D is the right answer.

Which of the following transactions is recorded in the purchases​ journal? A. cash purchase of merchandise inventory B. cash sales of merchandise inventory C. sale of merchandise inventory on account D. purchase of furniture on account

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Which of the following transactions is recorded in the purchases journal? A. cash purchase of merchandise inventory B. cash sales of merchandise inventory C. sale of merchandise inventory on account D. purchase of furniture on account