Which of the Following Is TRUE of a Purchases Journal

question 66

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:

Union Representatives

Individuals elected or appointed to act on behalf of members of a labor union, negotiating labor contracts and addressing grievances with employers.

Labor Unions

Labor unions are organized groups of workers who unite to negotiate collectively with employers over wages, benefits, working conditions, and other labor-related issues.

Political Conditions

The state of the political environment in a country, including stability, governance quality, and policy directions.

Wagner Act

Also known as the National Labor Relations Act of 1935, it established rights for workers to form unions and engage in collective bargaining in the United States.