Select the Correct Statement from the Following

question 71

Multiple Choice

Select the correct statement from the following:

• A)The accounts payable journal will not show detail of purchases from a vendor.
• B)Details of amounts owed by a customer in are the accounts payable journal.
• C)The sales journal contains all sales information.
• D)Details of amounts owed to a vendor are contained in the purchases journal.

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Definitions:

Paid-In Capital

Funds received from investors in exchange for stock, representing the capital provided by shareholders through the purchase of shares.

Par Value

The stated or principal value of a bond, stock share, or coupon as specified on its certificate or document.

Journal Entries

Journal entries are the record of financial transactions in the accounting books, detailing debts and credits for each account affected by the transaction.

Paid-In Capital

Funds raised by a company from equity, and not from ongoing operations, reflected on the balance sheet.