0
Debit purchases
Credit cash / bank
no entry for trade discount and in case of cash discount:
Debit purchases
Credit cash / bank
credit discount
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What is the journal entry of discount received?
Dr cash/bank Cr discount received
How do you pass journal entry for discount allowed?
Debit cash / bankCredit discount allowed
How do you record journal entry to purchase goods with trade discount?
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
What is journal entry for equipment purchase made with cash?
debit equipmentcredit cash
What is journal entry of purchase of raw material on cash?
The journal entry is as follows: [Debit] Raw material XXXX [Credit] Cash/bank XXXX
How do you undo a general journal entry for a purchase discount?
purchse a/c dr to cash a/c
What is the journal entry for earned discount?
[Debit] Cash[Credit] Discount earning
What is the journal entry of discount received?
Dr cash/bank Cr discount received
How do you pass journal entry for discount allowed?
Debit cash / bankCredit discount allowed
How do you record journal entry to purchase goods with trade discount?
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
What is the Journal entry for CASH sales with discounts?
cash a/c.......dr amt(after discount) to sales a/c amt(after discount)
What is journal entry for equipment purchase made with cash?
debit equipmentcredit cash
What is journal entry for cash purchase?
[Debit] Purchases [Credit] cash / bank
What is journal entry of purchase of raw material on cash?
The journal entry is as follows: [Debit] Raw material XXXX [Credit] Cash/bank XXXX
What is the journal entry for purchase of a business?
debit assetsCredit liabilitiesCredit cash
What is the journal entry for cash paid against purchase of equipment?
debit equipmentcredit cash
How do you make a journal entry recording a cash discount of 10000 when you make a payment of 20000 early at the request of the seller?
Cash discount is expenses of trading account but this is not an expenses just like a scheame on spot given to the purchaser. So no seprate discount entry need in journal. just reduce discount amount in total value and entry it.
