Which of the Following Ledger Accounts Is NOT Found in the Ledger

question 51

Multiple Choice

Which of the following ledger accounts is NOT found in the ledger of an enterprise employing the periodic count method?

• A) purchases
• B) purchases returns
• C) cost of goods sold
• D) discount expense.

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Definitions:

Source Document

An original record or document that contains the details of a business transaction, used as the basis for recording and validating financial data.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure that a company's bookkeeping system is mathematically correct.

Credit

An accounting entry that increases liabilities or equity or decreases an asset or expense. Opposite of a debit.

Ledger

A comprehensive collection of a company's accounts that records all financial transactions.