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    taqnia's Avatar
    taqnia Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 31, 2009, 12:33 AM
    Vendors Journals entry
    Journal entry when I buying purchases from vendors in cash and put it in My Inventory
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Dec 31, 2009, 01:06 AM

    DEBIT Purchases Account.
    CREDIT Cash Account.

    Being purchases paid for in cash.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Jan 4, 2010, 09:15 PM

    It depends if you're using perpetual or periodic inventory method. The entry Rolcam gave you is for periodic method. If you're using perpetual (that is, updating your inventory account all the time) then debit it straight to the inventory account.
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