Asked by Scott Seeto on May 03, 2024
Verified
The purchase of supplies for cash would be recorded in the purchases journal.
Purchases Journal
The journal in which all items purchased on account are recorded.
Supplies
Items used in the operation of a business that are typically consumed or expendable, such as office supplies or maintenance materials.
- Learn the responsibilities and the process of recording in special journals for financial transactions.
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
False
Explanation :
The purchases journal is typically used to record credit purchases of goods or services, while cash purchases are recorded in the cash disbursements journal or cash payments journal.
Learning Objectives
- Learn the responsibilities and the process of recording in special journals for financial transactions.