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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
What is the implication of applying accounting concepts wrongly
Depreciation on an Motor Vehicle of 5,000,000
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Goods purchased from ranu p5000
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