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What is the Journal Entry for “The Company purchased $6,000 worth of merchandise on credit”?

  1. Dr Accounts Payable and Cr Merchandise
  2. Dr Bank and Cr Accounts Payable
  3. Dr Merchandise and Cr Accounts Payable
  4. None of the above

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Question ajoutée par Anil Lalwani , Chief Accountant , Al Ahli Hospital
Date de publication: 2016/10/17
manseer muhammed ali
par manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC

Journal Entry for Dr Merchandise and Cr Accounts Payable

Alfred Jr. Santamaria
par Alfred Jr. Santamaria , State Auditor , Commission on Audit

C if the company is using perpetual system.  But if the company is using the periodic inventory system, then debit to Purchases account.

Umar Saeed
par Umar Saeed , Management Trainee Officer , Synthetic Products Enterprises Limited

Company is buying merchandise/goods on credit so journal entry will be:

Dr Merchandise/good and Cr Accounts Payable

Nazmul Islam CMA
par Nazmul Islam CMA , Manager , Robi Axiatal Ltd.

C-------------------------------------------------------------------------

Frank Mwansa
par Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

3. Dr merchandise a/c (purchase a/c and CR Trade  payable  a/c

Johny V Sebastian Verananickal
par Johny V Sebastian Verananickal , Associate , Unity Auditing

Dr Merchandise and Cr Accounts Payable

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