The Purchase Of An Asset On Credit Journal Entry
The purchase of an Asset on credit or on account is the result of debit to the asset account and credit to the Accounts Payable Account and there is no Cash Account involved in it based on Accrual Basis of Accounting . The Journal Entry is given below: Asset a/c XXX Accounts Payable a/c XXX (Purchased Asset On Credit) You May Also Be Interested In, “ The Purchase Of An Asset For Cash ” Fo...