Journal entries: Buying goods and supplies

Buying merchandise and supplies for cash or on credit, returns to the supplier, trade and cash discounts, freight on purchases and payments to suppliers.

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The entries

1. Buying merchandise for cash
2. Buying two lines of merchandise on account
3. Buying merchandise, paying part in cash and the rest on account
4. Paying a supplier’s invoice in full
5. Returning part of a purchase on account
6. Paying a supplier within the discount period
7. Paying freight on purchased merchandise
8. Buying office supplies for cash
9. Buying office supplies on account
10. Buying merchandise with a trade discount
11. Buying merchandise on account
12. Returning merchandise bought on account
13. Buying merchandise with a cash discount on the invoice
14. Buying merchandise under the periodic inventory system
15. Paying part of a supplier’s invoice by bank transfer

Other topics

• Starting the business
• Selling goods and services
• Fixed assets
• Expenses and payroll
• Adjusting, closing and correcting
• Cash and bank
• Notes and loans
• Inventory and cost of goods
• Corporations and equity
• Multi-step scenarios