Question

Explain transaction when we credit purchase acounnt? in briefly ​

Answer 1

Answer:

Explain transaction when we credit purchase acounnt? in briefly

Explanation:

Explain transaction when we credit purchase acounnt? in briefly

Answer 2

Answer:

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Entity purchases goods or renders services to run its business every day and some of those purchasing transactions are on credit while others maybe pay by cash immediately.

Most of the purchases including raw materials, offices supplies as well as fixed assets.

All of these purchasing needs to records in the entity’s accounting system so that management could have the proper reports about its expenses and for management purposes.

The following are the accounting records for both purchases on credit and cash purchases.