Which of the Following Transactions Is Recorded in the Purchases

question 184

Multiple Choice

Which of the following transactions is recorded in the purchases journal?

• A) purchase of store supplies on account
• B) return of damaged office equipment
• C) purchase of store supplies for cash
• D) purchase of office equipment for cash

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Definitions:

Note Receivable

A written promise that one party will pay a specific sum of money to another party at a future date.

Journalize Transactions

The process of recording financial transactions in a company's accounting records or journal.

Dishonored Note

A promissory note that has not been paid by the maker when due, leading to a default.

Interest Revenue

Income earned by an entity for lending its money or letting another entity use its funds.