When a Single-Column Purchases Journal Is Used

question 25

Multiple Choice

When a single-column purchases journal is used,

• A)only credit purchases of merchandise for resale to customers are recorded.
• B)credit purchases of items other than merchandise are recorded in the general journal.
• C)cash purchases of merchandise for resale to customers are recorded in the cash payments journal.
• D)All of these choices.

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Definitions:

Total Revenue

The total income generated by a company from its sales of goods or services before any costs are subtracted.

Deadweight Loss

Economic inefficiency that occurs when equilibrium is not attained or unattainable for a specific good or service.

Airline Industry

A sector of the economy that provides air transport services for passengers and cargo, characterized by high levels of regulation and competition.

Output

The amount of product or service that is produced within a given timeframe by a firm, industry, or economy.