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What is the accounting entry for the discount for a vehicle purchase?
LHendricks
Jan 24, 2011, 10:57 AM
Just Looking
Jan 24, 2011, 01:53 PM
You don't have to show the discount per se. You record the vehicle as a debit for the amount of the purchase (i.e. net of the discount) and a credit to either cash or loan payable.