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Explain about the RECORDING PURCHASES
Source document for recording a purchase of merchandise is purchase invoice.
o An instance of a transaction of purchasing merchandise on account:
Debit to PURCHASES
Credit to ACCOUNTS PAYABLE and the NAMED COMPANY
Purchased merchandise on account
o An example of a transaction of purchasing merchandise for cash:
Credit to CASH
Purchased merchandise for cash
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WHAT IS THE MEANING OF INVENTORY TURNOVER
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Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
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