On which date did Lou purchase a bicycle?

On which date did Lou purchase a bicycle?

• A. July 7
• B. July 24
• C. July 17
• D. July 4

Answer: (C)

When you determine the date of a purchase, you look at the transaction record itself—the date the purchase occurred and was entered in the books. In this scenario, the journal entry for the bicycle shows it was recorded on July 17. That date reflects when Lou actually acquired the bicycle and the corresponding accounting entry was made, so it’s the correct purchase date. The other dates correspond to different actions or don’t align with this specific transaction, so they aren’t the date of this bicycle purchase.

When you determine the date of a purchase, you look at the transaction record itself—the date the purchase occurred and was entered in the books. In this scenario, the journal entry for the bicycle shows it was recorded on July 17. That date reflects when Lou actually acquired the bicycle and the corresponding accounting entry was made, so it’s the correct purchase date. The other dates correspond to different actions or don’t align with this specific transaction, so they aren’t the date of this bicycle purchase.