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Ledger account in which all inventory purchases are recorded; used generally with periodic inventory method
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∙ 16y ago
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What is the definition of current account?
A bank account that you use for daily purchases and other similar transactions. Not an account to use for saving.
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What type of account is purchases lost?
Expense account
Are purchases account is increased by a credit and decreased by a debit?
Purchases account is personal account in nature so debit means increase and credit means decrease.
What are the types of Control Account?
sales control account purchases control account
What is the definition of current account?
A bank account that you use for daily purchases and other similar transactions. Not an account to use for saving.
What is purchases account?
Purchase account is a record account in which all inventory purchases are noted. This is commonly used with the periodic inventory method.
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What type of account is purchases lost?
Expense account
Are purchases account is increased by a credit and decreased by a debit?
Purchases account is personal account in nature so debit means increase and credit means decrease.
Why are there two account titles in the amount of the purchases journal?
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
What are the types of Control Account?
sales control account purchases control account
Why are there two account titles in the amount column of the purchases journal?
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
What are the different type of control account?
sales control account purchases control account
Are purchases made on account liabilities?
Yes.Most purchases are on credit and are therefore current liabilities
What type of account is Purchases returns and allowances?
A contra purchase account
Is purchasesaccount debit or credit?
Purchases account is personal account in nature and basic rule for personal account is debt what comes in and credit what goes out so purchases is a debit balance as a default balance.
