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Explain about the RECORDING PURCHASES
Source document for recording a purchase of merchandise is purchase invoice.
o An instance of a transaction of purchasing merchandise on account:
Debit to PURCHASES
Credit to ACCOUNTS PAYABLE and the NAMED COMPANY
Purchased merchandise on account
o An example of a transaction of purchasing merchandise for cash:
Credit to CASH
Purchased merchandise for cash
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problems and solutions
Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
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