Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the
Question 1 Report
Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the
Answer Details
Ajijola Enterprises bought 40 pairs of shoes from Kabi Shoe Factory on credit. The first record of this transaction by Ajijola will be in the "purchases day book". The purchases day book is a special journal used to record all purchases of goods made on credit. It is usually the first point of entry for credit purchases in a business's accounting system. The purchase is recorded in the purchases day book to keep a track of all the purchases made on credit for a particular period, which is later used to prepare the purchase account and the creditor's account.
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