Accounts Payable - Purchase Entry Record

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Accounts Payable | Question 107 of 118

Purchase Entry Record

What entry is recorded when $75.00 worth of supplies are purchased on account?

Total Answers and Comments: 3

Last Update: July 25, 2008 Asked by: kthomas38

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Best Rated Answer

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Submitted by: sushil7

Purchase A/C Dr. $75.00
To.Supplier A/c $75.00

Above answer was rated as good by the following members:
renubhat04

July 22, 2008 02:46:20

sushil7

Member Since: July 2008 Contribution: 1

RE: Purchase Entry Record

Purchase A/C Dr. $75.00
To.Supplier A/c $75.00

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1 0

Overall Rating: +1

July 22, 2008 04:18:04

shoukath

Member Since: July 2008 Contribution: 3

RE: Purchase Entry Record

Purchasing good two kinds of entry
Either Cash or Credit
If Cash

Purchase A/c------Dr xx
To Cash A/c

(Being good purchase on cash)

If Credit

Purchase A/c----Dr
To Supplier A/c
(Being goods purchase on Credit)

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July 25, 2008 10:04:36

tharik_409

Member Since: July 2008 Contribution: 1

RE: Purchase Entry Record

Purchasing good two kinds of entry either Cash or Credit.
If Cash Purchase A/c----Dr xx To Cash A/c (Being good purchase on cash)
If Credit Purchase A/c----DrTo Supplier A/c (Being goods purchase on Credit)

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0 1

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