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How do you record purchase of merchandise on credit should be recorded in?
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In which special journal would a purchase of merchandise for cash be recorded?
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
What purchase of supplies on account is recorded in the?
The amount which is paid on account(credit) should be recorded in a liability account i believe while record the purchased supplies in the asset.
When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
What does Purchases journal?
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
Where to purchase a good credit score from someone?
You cannot purchase your personal credit record from someone else. It is your credit history that has been reported by your creditors to the central credit data gathering agencies. It's like asking, "Where can I purchase a good dental record?"
What is purchase journal?
A purchase journal is a specialized accounting journal used to record all credit purchases of goods or services made by a business. It typically includes information such as the date of the purchase, vendor name, invoice number, and amount owed. The purchase journal helps track the company's liabilities and expenses related to purchasing inventory or other items.
What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise?
Merchandising, Recording Purchases of Merchandise, Recording Sales of Merchandise, Income Statement Presentation Operations, and Evaluating Profitability.
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
Where to enter cash and credit purchase?
Purchases Journal & Cash Payments Journal.Also called as Specialized Jounal Entries. Purchases Journals record transactions that involve purchases on credit. Source documents here would probably be invoices. The purchase of inventory on credit is recorded in the purchases journal. Cash Receipts Journal record transactions that involve payments received with cash Source documents would probably be receipts and cheque butts.
Can you record transactions in 2 journals Example Can sale of merchandise for cash be put in the cash receipts journal and the sales journal?
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
Explain what a purchase journal is use for?
Purchase journal is used for keeping the chornological record of date wise purchase of goods purchased for trading purposes on credit.
What are the accounting journal entries to record a purchase of inventory?
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
