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What is the journal entry a company would record when it purchases equipment and pays cash?
Wiki User
∙ 9y ago
[Debit] Equipment account
[Credit] Cash / bank
Wiki User
∙ 9y ago
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What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What is difference between a cash payment journal and a purchases journal?
a cash payment journal is used to record only cash payment transactions where as the purchases journal is used to record ONLY purchases on account transactions
What does Purchases journal?
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
Does a purchases journal record sales on account?
Purchase journal only records and deals in with purchases and don't deal with sales items.
How do you record journal entry for purchases?
debit purchases / goodscredit cash / bank / accounts payable
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What is difference between a cash payment journal and a purchases journal?
a cash payment journal is used to record only cash payment transactions where as the purchases journal is used to record ONLY purchases on account transactions
What does Purchases journal?
Purchase journal is used to record "Credit Purchases" for resale purpose like supplies from suppliers and hence no cash purchases are recorded as cash purchases are recorded in cash payment journal.
Does a purchases journal record sales on account?
Purchase journal only records and deals in with purchases and don't deal with sales items.
How do you record journal entry for purchases?
debit purchases / goodscredit cash / bank / accounts payable
How do you record a journal entry for sale of equipment?
Debit cash / bankCredit equipment
How do you record trade discounts in the General Journal?
shyama/c........dr to purchases a/c
How do you record a journal entry for donating equipment?
debit equipment accountcredit donation
Where to enter cash and credit purchase?
Purchases Journal & Cash Payments Journal.Also called as Specialized Jounal Entries. Purchases Journals record transactions that involve purchases on credit. Source documents here would probably be invoices. The purchase of inventory on credit is recorded in the purchases journal. Cash Receipts Journal record transactions that involve payments received with cash Source documents would probably be receipts and cheque butts.
How do you record a journal entry for a purchace of equipment at a fire sale?
debit equipment accountcredit cash / bank
What are the accounting journal entries to record donated equipment?
debit assetcredit donations
What is purchase journal?
A purchase journal is a specialized accounting journal used to record all credit purchases of goods or services made by a business. It typically includes information such as the date of the purchase, vendor name, invoice number, and amount owed. The purchase journal helps track the company's liabilities and expenses related to purchasing inventory or other items.
