Purchase invoice is first entered in the

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

You May Also Like