Credit purchase transactions are recorded in the general ledger and the memorandum payables ledger. This chapter explained the accounting entries required to account for credit purchases and related transactions such as receipt of credit notes from supplier, payments to suppliers, discount received and contra entries.
Other reports produced by a computerised accounting system were also considered, such as an aged payablesimport React from 'react' listing to monitor the total payable liability outstanding and when payments are expected to fall due.