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Mikayla Shinkan
on Nov 14, 2024

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A one column purchases journal indicates that

A) only purchases of merchandise on account can be recorded.
B) all purchases of merchandise can be recorded.
C) all acquisitions on account can be recorded.
D) another column must be added so that debits and credits can be recorded.

One Column Purchases Journal

A simplified accounting journal used for recording the total monetary amount of purchases by a business.

Merchandise On Account

Purchasing goods from suppliers on credit, intending to pay at a later date, reflected in accounts payable.

Debits And Credits

The two facets of accounting entries; debits increase assets or decrease liabilities, while credits decrease assets or increase liabilities.

  • Understand the categories of transactions documented in particular journals.
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Waqar Hussain GhumroNov 19, 2024
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