The Individual Amounts in the Accounts Payable Credit Column of the Purchases

question 84

Multiple Choice

The individual amounts in the accounts payable credit column of the purchases journal are posted:

• A)individually to the accounts payable account in the general ledger.
• B)individually to the purchases account in the general ledger.
• C)individually to the accounts payable subsidiary ledger.
• D)in total to the accounts payable subsidiary ledger.

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Definitions:

Effective

Capable of producing the intended or desired result.

Capital Contribution

Money, property, or other assets contributed to a company or partnership by its owners or partners to support its operations.

Limited Partner

An investor in a limited partnership who is not involved in daily business operations and whose liability is limited to the amount they invested in the partnership.

General Partners

Individuals who participate in the management of a partnership and have unlimited liability for its debts.