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-   -   Phurchasr supply 5000$,what accounting record? (https://www.askmehelpdesk.com/showthread.php?t=541088)

  • Jan 5, 2011, 11:03 PM
    sareun
    Phurchasr supply 5000$,what accounting record?
    Purchase supply 5000$,what accounting record?
  • Jan 6, 2011, 11:46 AM
    SHANTI69
    Need more information
  • Jan 6, 2011, 11:51 AM
    SHANTI69
    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).

  • Jan 8, 2011, 09:04 AM
    pready

    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

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