Proving the Postings of a Single-Column Purchases Journal Would Involve

question 52

Multiple Choice

Proving the postings of a single-column purchases journal would involve comparing the

• A) general ledger posting to Accounts Payable to the debit postings of the accounts receivable subsidiary ledger.
• B) general ledger debit posting to Accounts Payable to the general ledger credit posting to Inventory.
• C) general ledger credit posting to Accounts Payable to the general ledger debit posting to Inventory.
• D) debit postings to the accounts receivable subsidiary ledger to the credit postings to the accounts payable subsidiary ledger.

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Definitions:

Inelastic

A characteristic of a good or service whose demand doesn't significantly change when its price changes.

Tax Burden

the distribution of taxation on an individual or economic entity or the total amount of taxes paid by society as a whole.

Rent Controls

are government-imposed limits on the amount landlords can charge tenants for rent.

FICA Tax

The FICA tax is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.