Question

parchase wheap for domestic used 1000 journal entry​

Answer 1

Answer:

The journal entry of the goods taken by the proprietor for domestic use is: 

Drawing account      Dr.

    To Purchases account

The goods taken by the proprietor for personal use, reduces the inventory of the business. Hence,it is placed on a temporary drawings account. It reduces the Owner's equity account. It is not an expense of the business.  

Explanation:

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