If the purchase was done on cash then,
Purchase A/c Dr
To Cash A/c
If the purchase was done on credit,
Purchases A/c Dr
To Creditor A/c
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
debit cash / bank / accounts payablecredit purchase return
Debit USD purchasedCredit cash /bank
debit treasury stockcredit bank / cash
[Debit] Purchases [Credit] Cash / bank / accounts payable
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
debit cash / bank / accounts payablecredit purchase return
Debit USD purchasedCredit cash /bank
Debit leads purchasesCredit cash / bank
debit treasury stockcredit bank / cash
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
A journal records what you're findings are
You record he credit entry for transaction (a) 5/1 in the journal as
To record a journal entry in QuickBooks, go to the Company menu, select Make General Journal Entries, enter the date and journal entry number, choose the accounts to debit and credit, input the amounts, and save the entry.
[Debit] Purchases [Credit] Cash / bank / accounts payable
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
Dr Land & Property Cr Bank