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-   -   Vendors Journals entry (https://www.askmehelpdesk.com/showthread.php?t=429883)

  • Dec 31, 2009, 12:33 AM
    taqnia
    Vendors Journals entry
    Journal entry when I buying purchases from vendors in cash and put it in My Inventory
  • Dec 31, 2009, 01:06 AM
    ROLCAM

    DEBIT Purchases Account.
    CREDIT Cash Account.

    Being purchases paid for in cash.
  • Jan 4, 2010, 09:15 PM
    morgaine300

    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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