Journal Entry for Purchase of Inventory | Perpetual Inventory System
4:30
YouTubeEdspira
Journal Entry for Purchase of Inventory | Perpetual Inventory System
This video shows how to record the journal entry for inventory purchases when inventory is purchased on account (a credit purchase) and when inventory is purchased for cash (a cash purchase). In both cases the inventory account is debited when inventory is acquired, but "Accounts Payable" is credited for purchases on account whereas "Cash" is ...
5.4K viewsFeb 19, 2024
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