explain in brief about the purchases account
Explain in brief about the purchases account
keeps a record of cost of merchandise purchased for resale during an accounting period.
Assets are recorded as assets-not purchases.
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state about the trade discountspercentage reduction from list price of the merchandise these arent recorded in the accounting records of the seller
enumerate the term- cash discountsoffered to encourage prompt and early payment by buyer cash discounts are recorded in accounting records of both
how to figure the discount using calculator1 be sure that decimal selector is on 2 decimal places2 key in amount of the sale3 multiply by
explain about the recording purchasessource document for recording a purchase of merchandise is purchase invoiceo an instance of a transaction of
explain in brief about the purchases account keeps a record of cost of merchandise purchased for resale during an accounting periodassets are
what is uses of purchases journal purchases journal special journal used to record only credit purchases of merchandise-may be only one column which
accounts payable subsidiary ledgeraccounts are designed to show balance owed to every creditor liability accounts generally have credit balances
what is merchandise returns a return is when a customer returns to the seller part or all items purchased an allowance occurs when seller grants a
state the term- purchases returns and allowancespurchases returns and allowances is the name of the account which provides better control of
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