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the double entry will be:
I- if the purchased good/service was received:
DR. PURCHASES / INVENTORY
CR. ACCOUNTS PAYABLE
II- if the purchases were not received:
DR. GOODS IN TRANSIT
CR. ACCOUNTS PAYABLE
Farooq – you are SO wrong!
Abbas – I don’t think that I have ever come across a “Goods in Transit” account. If the goods have not yet been received, I think I would expect to just file the invoice until receeipt of the goods and then Debit Purchases and Credit Payables
If that’s not right maybe Johnmoffat will put me right
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