3. When purchasing merchandise for resale on account, record the transaction in the sales journal. b. cash receipts journal. cash payments journal. d. purchases journal. a. С.
3. When purchasing merchandise for resale on account, record the transaction in the sales journal. b. cash receipts journal. cash payments journal. d. purchases journal. a. С.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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. MULTIPLE CHOICE

Transcribed Image Text:3. When purchasing merchandise for resale on account, record the
transaction in the
a. sales journal.
b. cash receipts journal.
cash payments journal.
d. purchases journal.
C.
4. When purchasing merchandise for resale for cash, record the transaction in
the
a. sales journal.
b. cash receipts journal.
c. cash payments journal.
d. purchases journal.
d allowances are recorded in the
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