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[Debit] Goods purchased

[Credit] Accounts Payable

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11y ago

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What is the journal entry for a purchase purchased on account of 54780?

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Why are there two account titles in the amount of the purchases journal?

There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.


Why are there two account titles in the amount column of the purchases journal?

There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.


Where do you record a purchase of supplies on account?

This should be recorded in the cash payment journal.


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debit accounts receivablecredit sales revenue


What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?

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What should be Journal entry for purchase of building from capital reserve account?

Credit your capital account, debit the freehold property account


What is the journal entry for purchase of an asset?

[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx


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Bank account DR To Loan account


Does a purchases journal record sales on account?

Purchase journal only records and deals in with purchases and don't deal with sales items.


What is the journal entry for a building purchase loan?

[Debit] bank account [Credit] Building loan