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3. Your company purchased merchandise from the "X" Corporation. As the "gopher" person in your company,...


3. Your company purchased merchandise from the X Corporation. As the gopher person in your company, you picked up the mer
3. Your company purchased merchandise from the "X" Corporation. As the "gopher" person in your company, you picked up the merchandise as you delivered the order to buy. You paid for the merchandise instantly with one of your company's checks. Where would this transaction be recorded first by your company? a. purchase journal b. accounts payable subsidiary ledger c. cash disbursements journal d. general journal c. general ledger 4. The purpose of a bank reconciliation is to: a. make sure the bank hasn't made a mistake b. make sure our cash bookkeeper hasn't made a mistake c. to make sure all cash which our company received got deposited d. to identify the differences between the bank balance per bank statement and our balance per books e to show how much money our company has at any point in time 5. Which step in the accounting process directly precedes the preparation of closing entries? a preparation and posting of adjusting entries b. preparation of unadjusted trial balance c. preparation of financial statements d. preparation of adjusted trial balance e preparation of internal documents
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Answer #1

3. a. Purchase journal, Any purchases done by the company is first recorded in purchase journal

4. d, to identify the differences between the bank balance as per bank statement and our balance as per books

5. a. preparation and posting of adjusting entries.

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