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    JojoMa's Avatar
    JojoMa Posts: 2, Reputation: 1
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    #1

    Mar 10, 2012, 03:52 PM
    Journal entry for purchases & sales
    Cash Purchases amounting to 10,000.00 vat inclusive

    Cash sales amounting to 5,000.00 vat inclusive
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Mar 12, 2012, 06:42 AM
    Debit merchandise Inventory or other appropriate account for the amount
    Credit Cash for the amount

    Debit Cash for the amount
    Credit Sales Revenue for the amount
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