Totaling, Proving, and Ruling a. When totaling, proving, and ruling the purchases

Chapter 17, Problem 5

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QUESTION:

Totaling, Proving, and Ruling

a. When totaling, proving, and ruling the purchases journal, where are the double rules placed?

b. What does the check mark (✓) in the first Posting Reference column indicate?

Questions & Answers

QUESTION:

Totaling, Proving, and Ruling

a. When totaling, proving, and ruling the purchases journal, where are the double rules placed?

b. What does the check mark (✓) in the first Posting Reference column indicate?

ANSWER:

                                                                 Step 1 of 3

A purchase journal is a specialized journal used to record the credit purchase of merchandise in the business. It is also called a purchase book. It keeps track of all the purchases on accounts payable for a period.

                                                                 

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