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Zorluk: KolayPurchases Journal and Purchases Returns Journal

Which of the following transactions should be recorded in the Purchases Journal of a business entity?

  1. Purchase of goods on credit for resaleCevap
  2. B
    Purchase of office machinery on credit
  3. C
    Purchase of a delivery van on credit
  4. D
    Purchase of office furniture on credit

Cevap

Purchase of goods on credit for resale
The correct answer is the purchase of goods on credit for resale because the Purchases Journal (Purchases Day Book) is specifically designed to record only credit purchases of merchandise intended for resale.

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1
Identify the accounting rule governing the Purchases Journal
The Purchases Journal (Purchases Day Book) only records credit purchases of trading stock meant for resale.
It acts as a book of original entry specifically designed to summarize trade credit purchases before posting to individual creditor accounts and the ledger.
2
Evaluate the nature of non-current asset purchases on credit
Capital expenditures, such as office machinery, delivery vans, and office furniture, are excluded from the Purchases Journal.
Assets bought for long-term use rather than resale must be recorded in the General Journal (Journal Proper).
3
Select the option representing trading inventory acquired on credit terms
The purchase of goods on credit for resale is the correct transaction.
It satisfies both criteria: being bought on credit and intended for resale.

Anahtar Kavram

Scope of Purchases Journal
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Konular

Purchases Journal and Purchases Returns Journal

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