Post by MS INYOFU (@theconscience)

RECORDING PURCHASE

ACCOUNTING HINT

Mistake: Waiting until payment to record purchase

Correct: Record purchase when invoice is issued

Entry:
Dr Inventory (for merchandise goods)
Cr Supplier

Why: Shows what you owe and true stock value

Do you record purchases before payment?

RECORDING PURCHASE ACCOUNTING HINT Mistake: Waiting until payment to record purchase Correct: Rec...

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