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Which of the following statements is not correct? (a) A credit purchase of equipment for use in the business would be recorded in the purchases
Which of the following statements is not correct?
(a) A credit purchase of equipment for use in the business would be recorded in the purchases journal.
(b) The invoice date and credit terms must be carefully recorded in the purchases journal because they determine when payment is due.
(c) Cash purchases of merchandise are not recorded in the purchases journal.
(d) The Purchases account has a normal debit balance.
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