Purchase invoice is first entered in the
...Purchase invoice is first entered in the
Purchases Account
Cash Book
Sales Journal
Purchases Journal
Correct answer is A
Purchases account. The purchases account is a general ledger account in which is recorded the inventory purchases of a business. This account is used to calculate the amount of inventory available for sale in a periodic inventory system.
Purchase journal is used for recording goods bought on credit
\(\begin{array}{c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 24...
Which of the following transactions is a revenue expenditure? ...
Goods worth N800 was stolen. The double entries are debit, ...
Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on ...
Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline sales &am...