View Full Version : Phurchasr supply 5000$,what accounting record?
sareun
Jan 5, 2011, 11:03 PM
Purchase supply 5000$,what accounting record?
SHANTI69
Jan 6, 2011, 11:46 AM
Need more information
SHANTI69
Jan 6, 2011, 11:51 AM
This transaction will result in recording a $5,000 accounts payable (and a purchase), and supply recording a $5,000 accounts receivable (and a sale).
pready
Jan 8, 2011, 09:04 AM
The correct journal entry will be:
Debit Supplies for the amount
Credit Cash (for the amount paid), Accounts Payable (for the amount owed), or some combination of the two accounts to equal the amount of purchase