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Analyzing Purchases and Cash Payments InBeat CD Shop had the following transactions in
Chapter 15, Problem 15-6(choose chapter or problem)
Analyzing Purchases and Cash Payments
InBeat CD Shop had the following transactions in March.
Instructions Use the T accounts in your working papers. For each transaction:
1. Determine which accounts are affected.
2. Enter the debit and credit amounts in the T accounts.
Calculate the Purchases account balance at the end of March
Questions & Answers
QUESTION:
Analyzing Purchases and Cash Payments
InBeat CD Shop had the following transactions in March.
Instructions Use the T accounts in your working papers. For each transaction:
1. Determine which accounts are affected.
2. Enter the debit and credit amounts in the T accounts.
Calculate the Purchases account balance at the end of March
ANSWER:Step 1 of 3
A business makes purchases to obtain either merchandise or assets. A particular account - “purchase account” is used to record when merchandise is purchased. Any purchase can be made either for cash or credit.