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What is the journal entry for a cash purchase with discount?

Anonymous

∙ 11y ago

Updated: 4/28/2022

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

∙ 11y ago

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How do you record journal entry to purchase goods with trade discount?

debit goods purchased (at trade discount amount)credit cash / bank / accounts payable

How do you pass journal entry for discount allowed?

Debit cash / bankCredit discount allowed

What is the journal entry of discount received?

Dr cash/bank Cr discount received

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

Related Questions

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

How do you record journal entry to purchase goods with trade discount?

debit goods purchased (at trade discount amount)credit cash / bank / accounts payable

How do you pass journal entry for discount allowed?

Debit cash / bankCredit discount allowed

What is the journal entry of discount received?

Dr cash/bank Cr discount received

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

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.

What is the journal entry for cash paid against purchase of equipment?

debit equipmentcredit cash

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