Which journal would you use to record a credit purchase of stock?

The Purchase Journal is specifically designed to record transactions related to the purchase of inventory or stock on credit. When a business acquires stock without immediate cash payment, it creates a liability, which is captured in this journal. This helps in tracking all credit purchases in one consolidated location, simplifying the accounting process and ensuring that all related liabilities are accurately recorded.

Other journals serve different purposes; for instance, the Cash Payment Journal is used for recording all transactions that involve cash payments, while the Sales Return Journal is focused on returns of goods previously sold. The General Journal, on the other hand, is used for miscellaneous transactions that do not fit neatly into other specialized journals. Therefore, the correct choice highlights the specific function of the Purchase Journal in accounting practices related to credit stock purchases.