Answer: Option D
Explanation: A specialized type of journal that keeps records of orders made by a business on credit or on account is called purchase journal. In simple words we can say that this journal is used by entities to record all the orders placed using vendor credit or accounts payable.
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Therefore, Transactions in option A and B will not be recorded in purchase journal as these are cash transactions and option C is a sales transaction. Thus, purchase of furniture on account in option D is the right answer.
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Answer:
The correct answer is A
Explanation:
When Fed decreases the money supply in the market, then there prevails the shortage of the money at the prevailing rate of interest. So, the interest rate need to be increased in order to dissuade people from holding the money. Therefore, the households and the firms will sell the treasury bills and other kind of financial assets by decreasing the prices and which lead to increase in the interest rate.
This would be a general partnership because both parties are responsible equally.
