In the Following General Journal Transaction, to What Do the Numbers

question 17

Multiple Choice

In the following General Journal transaction, to what do the numbers 101 and 301 refer?

• A)General Ledger account numbers
• B)Transaction numbers
• C)Employee numbers
• D)General journal numbers

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Definitions:

Receive Bills

A function in accounting software that allows a business to record and track bills received from suppliers before payment is made.

Purchasing Inventory

The process of buying goods and materials that a company holds for the ultimate goal of resale or for use in producing other goods.

Purchase Requisition

A document or request made within an organization for the purchase of goods or services, initiating the procurement process.

Inventory Item

A specific product or good that a company holds for the purpose of selling to customers.