The purchases journal of a business that uses the periodic inventory system will include a column titled ________.
A) Cost of Goods Sold DR
B) Purchases DR
C) Accounts Payable DR
D) Merchandise Inventory DR

Question

Quizplus · Accepted Answer

The purchases journal will include a column for purchases, which represents the cost of merchandise acquired by the business during the period. The other options are not typically included in the purchases journal, although they may be recorded in other journals or as adjusting entries at the end of the accounting period.

The Purchases Journal of a Business That Uses the Periodic