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- Purchase accounting entries are the journal entries that record the acquisition of a business by another entity1. The entries involve debiting the business purchase account with the purchase price and crediting the vendor1. The entries also involve debiting the various assets taken over and crediting the various liabilities taken over at the agreed values1. Additionally, the entries may affect the inventory account, but this is kept separate from the purchase account2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The following entries are necessary to record the purchase of business:— ADVERTISEMENTS: 1. Debit Business Purchase Account ] with the purchase price agreed upon. Credit Vendor 2. Debit various assets taken over at the value at which the company wants to record them in its books. Credit various liabilities taken over at the values agreed upon.www.accountingnotes.net/company-management/p…As purchase leads to an increase in the expense of the business and decrease in assets of the business. Therefore, expense must be debited while assets must be credited. A purchase also results in increase in inventory, however the accounting for inventory is kept separate from accounting for purchase.www.trendingaccounting.com/2019/06/meaning-of …
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