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Processing a Purchase on Account a. List the steps in making a purchase on account. b
Chapter 15, Problem 1(choose chapter or problem)
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.