When a Company Buys a Building,realtor Commissions Are Not Included

question 8

True/False

When a company buys a building,realtor commissions are not included in the cost of the building.

---

Definitions:

Subsidiary Ledger

A ledger containing the details to support a summary line item in the General Ledger, such as accounts receivable or accounts payable.

General Ledger

A comprehensive set of accounts that records all financial transactions of a business and is used to prepare financial statements.

One Column Purchases Journal

A simplified accounting journal used for recording the total monetary amount of purchases by a business.

Merchandise On Account

Purchasing goods from suppliers on credit, intending to pay at a later date, reflected in accounts payable.