Which of the Following Is True of a Purchases Journal

question 121

Multiple Choice

Which of the following is true of a purchases journal?

• A)For a periodic inventory system,the Merchandise Inventory DR column is replaced with a column titled Cost of Goods Sold DR.
• B)Cash purchases are recorded in the purchases journal.
• C)For a perpetual inventory system,a column titled Purchases DR is needed.
• D)The Other Accounts DR column is used for purchases on account of items other than merchandise inventory and office supplies.

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Definitions:

Online Buying

The process of purchasing goods or services over the internet through digital platforms and websites.

Buy-Class Situations

Different buying scenarios that businesses might encounter, varying in levels of complexity and purchase importance.

Buying Center Tendencies

Refers to the patterns or behaviors exhibited by a group of individuals within an organization who are involved in making a purchase decision.