The purpose of this item is to maintain the detailed information regarding routine transactions, with an account established for each entity.
A)Purchases Journal
B)Subsidiary Ledger
C)General Journal
D)General Ledger

Question

Quizplus · Accepted Answer

A Subsidiary Ledger is used to maintain detailed information regarding routine transactions, with an account established for each entity. It provides more specific information than a general ledger and is often used for accounts such as accounts receivable, accounts payable, and inventory. The Purchases Journal is a specific type of subsidiary ledger used only for recording purchases. The General Journal and General Ledger are used for more complex or non-routine transactions.

The Purpose of This Item Is to Maintain the Detailed