Asked by Erika Arrona on Apr 30, 2024
Verified
Entries in the purchases journal are made
A) from sales invoices.
B) from the general journal.
C) without supporting documentation.
D) from purchase invoices.
Purchases Journal
The purchases journal is a record of all purchases of goods intended for resale made by a business, listing amounts, suppliers, and dates.
Purchase Invoices
Documents issued by a supplier to a buyer relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer.
Sales Invoices
Official documents issued by a seller to a buyer, detailing the products or services sold, quantities, and agreed prices for products or services the seller has provided the buyer.
- Distinguish among the purposes of diverse journals within accounting frameworks.
- Acquire knowledge on the method of recording transactions in both special and general journals.
Verified Answer
DD
Danielle DobsonMay 01, 2024
Final Answer :
D
Explanation :
Entries in the purchases journal are made from purchase invoices, which provide documentation of the goods or services purchased and the amount owed.
Learning Objectives
- Distinguish among the purposes of diverse journals within accounting frameworks.
- Acquire knowledge on the method of recording transactions in both special and general journals.