If a business uses special journals (single purpose sales and purchases journals), which of the following statements are not correct? 1. All purchases of inventory on account are recorded in the purchases journal ii. All cash received, except from cash sales, is recorded in the cash receipts journal iii. All payments are recorded in the cash payments journal iv. A general journal is not necessary v. All sales transactions are recorded in the sales journal Ca. Lii, i Ob. ii, iii, iv OC N,V Od v Oeil, N. v.

If a business uses special journals (single purpose sales and purchases journals), which of the following statements are not correct? 1. All purchases of inventory on account are recorded in the purchases journal ii. All cash received, except from cash sales, is recorded in the cash receipts journal iii. All payments are recorded in the cash payments journal iv. A general journal is not necessary v. All sales transactions are recorded in the sales journal Ca. Lii, i Ob. ii, iii, iv OC N,V Od v Oeil, N. v.

Name: If a business uses special journals (single purpose sales and purchas
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Description: If a business uses special journals (single purpose sales and purchases journals), which of the following statementsare not correct?1. All purchases of inventory on account are recorded in the purchases journalii. All cash received, except from cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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