Explain in brief about the purchases account, Accounting Basics

Assignment Help:

Explain in brief about the purchases account 

keeps a record of cost of merchandise purchased for resale during an accounting period.

Assets are recorded as assets-not purchases.

 


Related Discussions:- Explain in brief about the purchases account

Illustrate about corporation, Q. Illustrate about corporation? A corpor...

Q. Illustrate about corporation? A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately

Dogwood florist opened a business january 1st 2010., Dogwood florist opened...

Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare

Asset, what is accounting

what is accounting

#title.suspense account, The book of Deven Verma could not be tallied. The ...

The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later

What do you mean by work sheet, Q. What do you mean by work sheet? The ...

Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti

Benefits of purchases discounts, Benefits of Purchases Discounts Purch...

Benefits of Purchases Discounts Purchases Discounts account is used to record discounts given for prompt payment. To prove ACCOUNTS PAYABLE LEDGER , you will look at bala

Define Accounting. Briefly explain the accounting concepts w, Define Accoun...

Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.

The bayside company uses the lifo cost flow method, The Bayside Company use...

The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye

Case, contributed her $10000 in exchange for $1000 of the shares. this was ...

contributed her $10000 in exchange for $1000 of the shares. this was deposited into a new corporate bank account she set up with TD canada trust

At the end of the current year, At the end of the current year, $19,900 of ...

At the end of the current year, $19,900 of fees have been earned but not billed to clients. • a. What is the adjustment to record the accrued fees? Indicate each account affecte

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