what is the difference between purchase journal and purchase account. Deep explanation needed.
Answers
Answered by
0
Answer:
Purchases journal (also known as purchases book and purchases day book) is a special journal used by businesses to record all credit purchases. All cash purchases are recorded in another special journal known as cash payment journal or cash disbursements journal.
The purchases account is a general ledger account in which is recorded the inventory purchases of a business. ... The amounts recorded in the purchases account may be for raw materials that will require subsequent conversion to be made ready for sale, or they may be for completed merchandise.
Similar questions