WHEN EXPENSES ARE PAID ON BEHALF OF THE VENTURE, THE ACCOUNTING ENTRIES IS TO DEBIT
A. expenses account and credit bank account B. bank account and credit joint venture account C. joint venture account and credit bank account ✓ D. joint venture account and credit expenses account The answer to the question is: C. joint venture account and credit…
THE SOURCE DOCUMENT USED TO MAKE ENTRIES IN THE PURCHASE DAY BOOK IS
A. debt note B. credit note C. invoice ✓ D. receipt The answer to the question is: C. invoice The purchase day book, also known as the purchases journal, is a specialized accounting journal used to record all credit purchases of merchandise. When a…
WHAT ARE CLOSING ENTRIES
Closing entries are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts. Temporary accounts include revenue, expense, and dividend accounts, which are used to track the company’s financial activities…
Study Guide
