The purchases journal is a special journal used to record:
A)cash receipts, interest rate payments, and purchases.
B)credit sales of assets that occur infrequently such as buildings, property, and equipment.
C)credit sales.
D)merchandise inventory, office supplies, and other assets purchased on account.

Question

Quizplus · Accepted Answer

The purchases journal is specifically used to record purchases of merchandise inventory, office supplies, and other assets purchased on account. It is not used for cash receipts or interest rate payments, credit sales of assets, or all credit sales in general.

The Purchases Journal Is a Special Journal Used to Record