Processing a Purchase on Account a. List the steps in making a purchase on account. b

Chapter 15, Problem 1

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QUESTION:

Processing a Purchase on Account

a. List the steps in making a purchase on account.

b. Why is an invoice checked against both the purchase order and the packing slip?

Questions & Answers

QUESTION:

Processing a Purchase on Account

a. List the steps in making a purchase on account.

b. Why is an invoice checked against both the purchase order and the packing slip?

ANSWER:

                                                                 Step 1 of 3

In case the merchandise is purchased by the business on the account, then the purchase account is debited, and the accounts payable account is credited.

 

                                                                 

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