Purchased supplies on account means they purchased supplies on account (usually having a line of credit issued)

Purchased supplied for cash means they paid cash for supplies.

Think about how you can pay for things you buy at the store

You can either pay for it by cash (i.e. money, dollars, coins, etc.) or on account (i.e. having a line of credit issued or charging it to a credit card)

Purchased supplies for cash. Cash is immediately credited for the amount. There is no liability recorded on the books.

purchased supplies for cash – decrease cash because it was paid with cash

anymore questions, just email 🙂

purchased with cash (notes and coins)= exactly what it says, bought with cash,on the spot. as in not with plastic or credit(on account)

1. Purchase on account –> Accounts payable (credit), Asset(Debit)

2. Repayment –> Accounts payable (debit), cash (credit)

only in this case we do not use the expense account, which is a bit weird.

Can you help me out with that

Purchasing for “cash” would be buying it straight out.