Question

1. When purchasing a product from a vendor, what type of account is affected? And when...

1. When purchasing a product from a vendor, what type of account is affected? And when you purchase a service what type of account is affected?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

When Purchasing a Product from a vendor on cash then the following account is affected

Purchased Account--------- Debit

Cash Account-------------Credit

When Purchasing a Product from a vendor on Account then the following account is affected

Purchased Account--------- Debit

Accounts Payable-------------Credit

When Purchasing a Services from a vendor on cash then the following account is affected. Say for example we have purchased a Insurances Services.

Insurance Services--------- Debit

Cash Account-------------Credit

When Purchasing a Services from a vendor on Account then the following account is affected. Say for example we have purchased a Insurances Services.

Insurance Services--------- Debit

Accounts Payable-------------Credit

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Complete the following activity diagram by providing the activities in the following table:               Scenario The purchasing...
Complete the following activity diagram by providing the activities in the following table:               Scenario The purchasing department handles purchase requests from other departments in the company. People in the company who initiate the original purchase request are the “customers” of the purchasing department. A case worker within the purchasing department receives the request and monitors it until it is ordered and received. Case workers process requests for the purchase of products under $1,500, write a purchase order, and then send...
4. Bill of ladings for goods shipped from a vendor to the purchasing company should always...
4. Bill of ladings for goods shipped from a vendor to the purchasing company should always include the company's purchase order number. True    False 5. The receiving department receives a "blind" copy of the purchase order which does not include the vendor's name and address. True    False 6. The auditors' "search for unrecorded liabilities" should emphasize payments made shortly after the end of the year. True    False 7. Auditors should inspect the "unmatched receiving report" file to determine whether the liability for the...
T/F 6. In determining which vendor to order goods from, the purchasing department should always use...
T/F 6. In determining which vendor to order goods from, the purchasing department should always use its customary vendor. T/F 7. Confirmation of accounts payable is generally mandatory. T/F 8. The purchase cutoff test involves determining that purchase transaction occurring near the balance sheet data are recorded in the proper time period. T/F 9. In a review of financial statements under SSARS, the accountant must obtain an understanding of the clients internal control, but need not perform test of controls....
When it comes to partnership, what happens if one person takes control over purchasing a product?...
When it comes to partnership, what happens if one person takes control over purchasing a product? How do you think a partnership controls the power of one being in charge?
How much is INR affected when you are sick with several illnesses? THere is no type...
How much is INR affected when you are sick with several illnesses? THere is no type of blood thinner being used on this pt.
When purchasing common stock on margin, the cash an investor deposits into a margin account to...
When purchasing common stock on margin, the cash an investor deposits into a margin account to purchase shares is called the _____, while the _____ is the minimum proportion of equity an investor must keep in his margin account. A. initial margin; maintenance margin B. margin call; initial margin C. maintenance margin; initial margin D. initial margin; margin call
As a newly minted DBA, you have been tasked with finding a DBMS vendor for your...
As a newly minted DBA, you have been tasked with finding a DBMS vendor for your company’s flagship product, a website that handles requests for airline travel and finds customers the best deals across all airlines and carriers. The database will be developed from the ground up with the following requirements: Close to 24/7 uptime (99.5%) Minimum of 10,000 queries per day (with options to scale) < 1 ms response time for customer queries Enhanced security (FAA regulations) Disaster and...
Which of the following statements is true of vendor credits in QuickBooks Online? (select all that...
Which of the following statements is true of vendor credits in QuickBooks Online? (select all that apply) Vendor credits cannot be applied to a bill that has already been received Vendor credits post as a debit to decrease accounts payable Vendor credits post as a debit to increase accounts payable A vendor credit can be linked to a cash refund, when the cash is deposited 10 points    QUESTION 2 Before a client sets up a recurring monthly charge for...
Discussion post of Principle of Marketing 270 1. In purchasing an item, there are two conceptual...
Discussion post of Principle of Marketing 270 1. In purchasing an item, there are two conceptual dimensions, generally speaking, either product or service.   Compare and contrast the two concepts in terms of similarity and difference.   What kind of item can be an example, which includes both dimensions of product and service? 2. In many cases, consumers tend to determine a purchase decision, based on "quality" (e.g., simply say, good or bad quality). To you, what is the meaning of quality?...
When it comes to putting transactions into the right account with the right type of entry,...
When it comes to putting transactions into the right account with the right type of entry, what can go wrong if we mess up and debit the wrong account and/or credit the wrong account? What are some of the trickle effects that could arise from that?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT