Which of the following statements is not correct?
A) Cash purchases of merchandise are not recorded in the purchases journal.
B) A credit purchase of equipment for use in the business would be recorded in the purchases journal.
C) The Purchases account has a normal debit balance.
D) The invoice date and credit terms must be carefully recorded in the purchases journal because they determine when payment is due.
Correct Answer:
Verified
Q12: If an amount recorded in the general
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Q22: Credit purchases of supplies that are to
Q25: The source document for recording a purchase
Q26: After a supplier of merchandise is selected,the
Q27: Which of the following statements is correct?
A)
Q29: The Purchases account is
A) a permanent account.
B)
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Q68: Purchases returns and allowances are recorded in
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