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View Full Version : Acct payable journal entries- discount


thawkins
Oct 12, 2010, 12:57 PM
How do you write a journal entry for acct payable when it is paid within the discount period. Is the acct payable the full amt or the cash?

pready
Oct 13, 2010, 06:46 AM
Debit Accounts Payable for the account balance
Credit Cash for the amount paid
Credit Purchase Discounts for the amount of discount