Which journal will the transaction be recorded in

Assignment Help Accounting Basics

Reference no: EM132728658

Problem 1: What is a source document?

Select one:

a. A table showing each amount owed and to whom it must be paid; total of the schedule should equal the total of accounts payable in the general ledger
b. A paper document or electronic record that provides evidence that a transaction has occurred and includes details about the transaction
c. Parts of accounting transactions that constitute the input to an accounting information system

Problem 2: When a customer purchases a product or service on credit, using an in-house account, Accounts Receivable increases and Sales Revenue increases.

Select one:

a. True
b. False

Problem 3: An employee for Five Steps, LLC brought $3,000 of inventory on the company's credit card. Which journal will the transaction be recorded in?

Select one:

a. Sales journal
b. Purchases journal
c. Cash disbursements journal

Reference no: EM132728658

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