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Purchase Entry Record

What entry is recorded when $75.00 worth of supplies are purchased on account?
Asked by: kthomas38 | Member Since Jul-2008 | Asked on: Jul 21st, 2008

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sushil7

Answered On : Jul 22nd, 2008

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

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shoukath

Answered On : Jul 22nd, 2008

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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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tharik_409

Answered On : Jul 25th, 2008

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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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