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Debit item purchased
Credit Accounts Payable
What else can I help you with?
How do you record a journal entry for non inventory item?
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What is entry?
An entry is an item inserted in a written record. An entry is also the act of going into an enclosure such as a room or tank.
What is the most purchased item with a credit card?
Gasoline is the most bought item (by dollar volume) with a credit card, representing over 10% of credit card sales volume. (original answer) I'm pretty sure jewelry is the most thing bought with a credit card
What is the process for returning an item purchased with a credit card?
To return an item purchased with a credit card, you typically need to bring the item and the receipt to the store where you bought it. The store will then process the return and refund the purchase amount back to your credit card.
What happens if you return something you bought with a credit card?
When you return something you bought with a credit card, the amount you paid for the item is typically refunded back to your credit card account. This can help reduce your credit card balance or provide you with a credit for future purchases.
Can you get a cash refund when you pay for an item with a credit card?
It is dependent on the store that you purphased the item from. Some will allow you, others will not. Typically, they ask you for the credit card you used when you bought the item and refund the money back onto the card.
How to pass consumption entry in tally?
To pass a consumption entry in Tally, first, go to the Gateway of Tally and select 'Accounting Vouchers.' Choose the 'Journal' voucher type for non-cash transactions or 'Payment' for cash transactions. Enter the relevant details such as the date, debit the expense account (e.g., Consumption Account) and credit the inventory account (the item being consumed). Finally, review the entry for accuracy and save it.
Will returning item bought on a credit card affect your credit history?
No. The merchant may drop you from his preferred customer list if he notices a lot of returns, but the credit card company doesn't care.
Is sales tax included in Gross sales?
Sales tax is not included in gross sales. For example when an item is sold for a total of $105 including $5 in sales tax the proper journal entry is a debit of $105 to cash, credit of $100 to sales, and a $5 credit to the sales tax payable account. The liability for sales tax should appear on the balance sheet.
Toyota Echo change brake shoes?
http://echodiy.multiply.com/journal/item/10/Rear_Brakes http://echodiy.multiply.com/journal/item/9/Front_Brakes_02
How do you journal entries for an item that is on sale?
If its cash sales Cash A/c ... Dr to Sales A/c If its Credit Sales Party(buyer) A/c Dr to Sales(Goods or service) A/c cr
What is the purpose of an index journal?
The primary purpose of an index journal is to hold all the information regarding a specific item. Such as an index journal for a vehicular manual or an index journal for a book.
