Question

Journal for goods bought for cash​

Answer 1

Explanation:

In case of a journal entry for cash purchase, Cash account and Purchase account are used. The person to whom the money is owed is called a “Creditor” and the amount owed is a current liability for the company. Purchase orders are commonly used in large corporations to order goods on credit.

Answer 2

Answer:

Purchases A/c Dr.

To cash A/c