When merchandise is purchased,the entry in the vouchers register is a debit to Purchases and a credit to Vouchers Payable.

Name: When merchandise is purchased,the entry in the vouchers register is a debit to Purchases and a credit to Vouchers Payable.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is the correct journal entry for purchasing merchandise on credit. The debit is to Purchases, which increases the inventory asset account, and the credit is to Vouchers Payable, which records the liability for the purchase.

When Merchandise Is Purchased,the Entry in the Vouchers Register Is