Prepare check payable for ABC Corp. for a shipment received 7 days ago. The invoice amount...
Prepare check payable for ABC Corp. for a shipment received 7 days ago. The invoice amount was 43301.00. It qualifies for a 2% discount (2/10, net 30).
How would the journal entry for this discount be recorded?
Homework Answers
Discount amount = 43301 * 2% = 866.02
The above discount amount of 866.02, being a gain will be credited in the journal entry. Required journal entry is:
| Date | Account titles | Debit | Credit |
| Accounts payable | 43301 | ||
| Cash | 42434.98 | ||
| Disocount received | 866.02 | ||
| (for payment made and discount received) |
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