For a retail business,a delivery of inventory,from a vendor (with whom there is an established credit relationship)would be initially recorded in which type of accounting record as part of which transaction cycle?
A)purchases journal;expenditure cycle
B)general journal;expenditure cycle
C)general ledger;expenditure cycle
D)cash disbursements journal;production cycle

Question

Quizplus · Accepted Answer

A delivery of inventory from a vendor with whom there is an established credit relationship would be recorded in the purchases journal as part of the expenditure cycle. This journal is used to record all purchases made by the business on credit from its vendors.

For a Retail Business,a Delivery of Inventory,from a Vendor (With