entry for credit purchases is
Purchases a/c dr
To crediters a/c
[Debit] Purchase Return [Credit] Purchases
[Debit] Purchases[Credit] Accounts payable
debit accounts payablecredit purchase returns
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
Debit assetsCredit accounts payable
[Debit] Purchase Return [Credit] Purchases
[Debit] Purchases[Credit] Accounts payable
debit accounts payablecredit purchase returns
[Debit] Purchases [Credit] cash / bank
Debit assetsCredit accounts payable
Purchase Credit Journal Entry is the journal entry passed by the company in the purchase journal of the date when the company purchases any inventory from the third party on the terms of credit. The purchases account will be debited. The creditor’s account or account payable account will be credited to the company’s books of accounts. visit our page : ieqsgroup .com/about-us
debit goodscredit cashtax credit has nothing to do with actual purchase of goods.
The journal entry is as follows: [Debit] Raw material XXXX [Credit] Cash/bank XXXX
BY VENDOR Dr TO BANK Cr
[Debit] Gift purchased [Credit] Cash / bank
[Debit] Car Asset [Credit] Cash / bank
[Debit] Vehicle Purchased [Credit] Cash / bank