Purchase invoice is first entered in the
-
A.
Purchases Account -
B.
Cash Book -
C.
Sales Journal -
D.
Purchases Journal
Correct Answer: Option A
Explanation
Purchases account. The purchases account is a general ledger account in which is recorded the inventory purchases of a business. This account is used to calculate the amount of inventory available for sale in a periodic inventory system.
Purchase journal is used for recording goods bought on credit