Purchases of inventory

Accounting
Tutor: None Selected Time limit: 1 Day

how to make a single summary journal entry to record purchases of inventory for the year, assuming all purchases were made on credit.

Inventory= 60500

Inventory on hand=65800

May 5th, 2015

Date                                          Account name                                                   debit                              credit

may 6, 2015                                inventory                                                           60500                           

                                                      to pay                                                                                                   60500

may 6, 2015                                inventory at hand                                               65800              

                                                            inventory                                                                                          65800                                 

May 5th, 2015

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May 5th, 2015
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