Explain about the recording purchases, Accounting Basics

Assignment Help:

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:

Debit to PURCHASES

Credit to CASH

Purchased merchandise for cash

Related Discussions:- Explain about the recording purchases

Define the term- fica tax, Define the term- FICA TAX This is a match...

Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned

Uses of journal in accounting, Q. Uses of journal in accounting? Organi...

Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco

Audit Reports, Why it is important for independent auditor to be a member o...

Why it is important for independent auditor to be a member of a professional body?

Show the chart of accounts, Q. Show the Chart of accounts? Chart of acc...

Q. Show the Chart of accounts? Chart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and recorded. Every account gener

Organisation for accounting and finance, A characteristic organization char...

A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ

Jane and walt form orange corporation., Jane and Walt form Orange Corporati...

Jane and Walt form Orange Corporation. Jane transfers equipment worth $475,000 (basis of $100,000) and cash of $25,000 to Orange Corporation for 50% of its stock. Walt transfers

Ledger, basic problems about ledger

basic problems about ledger

Cycle of accounting, please explain cycle of accounting

please explain cycle of accounting

Prepare a statement of financial position, Brown sole trader Brown has ...

Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed

H.W, BUS ADM-201 Fall 2012 EXTRA CREDIT 2 - Due in DS week of November 26 ...

BUS ADM-201 Fall 2012 EXTRA CREDIT 2 - Due in DS week of November 26 GRADING: Worth 15 points. Partially credit will only be given if you attempt all requirements a through g lis

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages