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

Partnership act, If partners do not draw up a partnership agreement, the pr...

If partners do not draw up a partnership agreement, the provisions of the Partnership Act apply on which statement is true like a provision of the Partnership Act? A Interest on

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, SCENARIO In May of t...

SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org

Encryption, At the reception it is decrypted and actual data is obtained. ...

At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique

Example on gross margin method, Q. Example on gross margin method? To d...

Q. Example on gross margin method? To demonstrate the gross margin method of computing inventory assumes that for several Years Field Company has maintained a 30 per cent gross

The type of accounting concerned with providing information, The type of ac...

The type of accounting concerned with providing information and analyses to managers within the organization is referred to as

What is cost of goods sold, Q. What is Cost of goods sold? The second m...

Q. What is Cost of goods sold? The second major division of an income statement for a merchandising business is cost of goods sold. Cost of goods sold is denotes to cost to the

Concepts of accounting, the consequences of non-compliance of each of the a...

the consequences of non-compliance of each of the accounting concepts.

State the term - partnership, State the term - Partnership A partnershi...

State the term - Partnership A partnership exists where at least two individuals carry on a business together with intention of making a profit. Partnerships have much in commo

Balance of the merchandise inventory account, Q. Balance of the Merchandise...

Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason

Central Depository System, I am requesting for literature review and past s...

I am requesting for literature review and past studies on CDS.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd