Ask your own question, for FREE!
Finance 9 Online
OpenStudy (anonymous):

journalize the purchase of inventory inventory.....8000

OpenStudy (anonymous):

Purchase A/c Dr. To Cash Cr. (Basically what happened her is with Purchase Inventory (which is an Asset) is Increased & as Firm paid it with Cash (which is an Asset) Decreased. As per Accounting rules Debit when there is an increase in Asset & Credit when there is a decrease in Asset.

OpenStudy (anonymous):

Debit Purchase Inventory Credit Cash

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!