A credit of $540 000,including 10% GST,was posted to the Accounts Payable Control account on the last day of the month.From which special journal would this posting most likely have come?

Question

Quizplus · Accepted Answer

The posting of a credit for $540,000 including 10% GST to the Accounts Payable Control account indicates that the business made a purchase on credit from a supplier. This would involve the use of the Purchases Journal to record the transaction. Additionally, the fact that the credit includes 10% GST also suggests that this is a purchase of goods or services subject to tax, which would further support the use of the Purchases Journal. Therefore, the most likely special journal from which this posting came is the Purchases Journal.

A Credit of $540 000,including 10% GST,was Posted to the Accounts