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    sareun's Avatar
    sareun Posts: 1, Reputation: 1
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    #1

    Jan 5, 2011, 11:03 PM
    Phurchasr supply 5000$,what accounting record?
    Purchase supply 5000$,what accounting record?
    SHANTI69's Avatar
    SHANTI69 Posts: 6, Reputation: 0
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    #2

    Jan 6, 2011, 11:46 AM
    Need more information
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    SHANTI69 Posts: 6, Reputation: 0
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    #3

    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's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    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
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