Question on: WAEC Accounting - 2015
Purchase invoice is first entered in the
A
Purchases Account
B
Cash Book
C
Sales Journal
D
Purchases Journal
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Correct Option: A
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
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