Prepare the T accounts to illustrate the impacts of these purchases on the general ledger for...
Prepare the T accounts to illustrate the impacts of these purchases on the general ledger for an organization that purchases supplies for $3000 and pays for them via a check
Gor above question when we buy the supplies by check it will impact the financial accounting by the same way as cash or credit
Homework Answers
Impact on financial accounting
If purchased by cash then it will only reduce cash against the purchase where as if our purchased on credit then it will create a liability (payables) against our purchases . However impact will be same on Profit and loss statement .only the balances on the balance sheet will be different
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Prepare the T accounts to illustrate the impacts of these
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