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How do you record journal entry to purchase goods with trade discount?
Wiki User
∙ 9y ago
debit goods purchased (at trade discount amount)
credit cash / bank / Accounts Payable
Wiki User
∙ 9y ago
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What is the journal entry for purchase discount?
Purchase A/c........Dr To Discount Recievable A/c To Party name A/C
What is the accounting journal entry to record the purchase price of a business?
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
What journal entry is used to record purchase discounts?
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts receivable 9000 (dr) Discount from sale 500 (dr) Sales 9500 (cr)
What is the journal entry for a cash purchase with discount?
Debit purchasesCredit cash / bankno entry for trade discount and in case of cash discount:Debit purchasesCredit cash / bankcredit discount
How do you record journal entry for a purchase return?
debit cash / bank / accounts payablecredit purchase return
What is the journal entry for purchase discount?
Purchase A/c........Dr To Discount Recievable A/c To Party name A/C
What is the accounting journal entry to record the purchase price of a business?
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
What journal entry is used to record purchase discounts?
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts receivable 9000 (dr) Discount from sale 500 (dr) Sales 9500 (cr)
What is the journal entry for a cash purchase with discount?
Debit purchasesCredit cash / bankno entry for trade discount and in case of cash discount:Debit purchasesCredit cash / bankcredit discount
How do you undo a general journal entry for a purchase discount?
purchse a/c dr to cash a/c
How do you record journal entry for a purchase return?
debit cash / bank / accounts payablecredit purchase return
What is the journal entry for credit purchase discount?
Purchase A/c Dr . Dis. Received A/c dr to Supplier A/c cr
How do you record a journal entry for purchase of leads?
Debit leads purchasesCredit cash / bank
What is the journal entry to record a USD purchase?
Debit USD purchasedCredit cash /bank
How do you record journal entry for purchase of treasury stock?
debit treasury stockcredit bank / cash
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
What is the journal entry for earned discount?
[Debit] Cash[Credit] Discount earning
