Answer the following statements true (T) or false (F)
1. When using a periodic inventory system, the Merchandise Inventory DR column, in the purchases journal, is replaced with a column titled Cost of Goods Sold DR.
2. Purchases on account are recorded in the purchases journal.
3. The Other Accounts DR columns of a purchases journal are used for recording merchandise inventory and office supplies.
4. Entries from the purchases journal are posted monthly to the accounts payable subsidiary ledger and daily to the general ledger.
5. When using a purchases journal, Accounts Payable is always credited.
1. FALSE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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