WAEC Accounting 2018 Paper

Concept:A purchase journal records all credit purchases of goods.These entries are later posted to supplier accounts in the payable ledger.Explanation:When goods are bought on credit, the purchase journal is used as the book of original entry.From the purchase journal, each transaction is transferred to the individual account of the supplier in the payable ledger.The payable ledger contains amounts owed to creditors or suppliers.Therefore, the correct posting point is the payable ledger.Answer:B. payable ledger