Multiple Choice
Which of the following statements is not correct?
A) Cash purchases of merchandise are not recorded in the purchases journal.
B) A credit purchase of equipment for use in the business would be recorded in the purchases journal.
C) The Purchases account has a normal debit balance.
D) The invoice date and credit terms must be carefully recorded in the purchases journal because they determine when payment is due.
Correct Answer:
Verified
Correct Answer:
Verified
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