In a Typical Purchases Journal,you Would Expect to See the Following

question 102

Multiple Choice

In a typical purchases journal,you would expect to see the following columns:

• A)Accounts payable dr.
• B)Purchase discounts cr.
• C)Accounts receivable cr.
• D)Inventory dr.(if perpetual method used).
• E)Cost of Goods Sold dr.(if perpetual method used).

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Definitions:

Conventional Brokers

Intermediaries that facilitate transactions between buyers and sellers within traditional markets.

Grocery Industry

The sector of the economy that includes retailers and producers of food and other household supplies sold directly to consumers.

Brokers

Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales.

Independent Firms

Businesses that operate on their own, without affiliations to larger corporate structures or networks.