debit accounts payablecredit purchase returns
Debit purchasesCredit cash / bank
Debit purchases / goods accountCredit Accounts payable
[Debit] purchased goods 15000 [Credit] cash 15000
debit accounts payable/ cashcredit purchase returns
debit accounts payablecredit purchase returns
Debit purchasesCredit cash / bank
[Debit] Purchases xxxx [Credit] Cash / bank / goods xxxx
Debit purchases / goods accountCredit Accounts payable
[Debit] purchased goods 15000 [Credit] cash 15000
debit accounts payable/ cashcredit purchase returns
Entry On the Buyer Side; Dr. A/P (rebated amount) CR. Puchase Disc Is this the right entry?
debit goodscredit cashtax credit has nothing to do with actual purchase of goods.
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
cash purchase of goods: inventory (Debit) increased Cash in Hand (Credit) decreased with amount of total cost of Goods purchased
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
The journal entry is the accounting entry which lists the goods that are bought on credit.