Journal entry when I buying purchases from vendors in cash and put it in My Inventory
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Journal entry when I buying purchases from vendors in cash and put it in My Inventory
DEBIT Purchases Account.
CREDIT Cash Account.
Being purchases paid for in cash.
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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