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?
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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?
Debit Accounts Payable for the account balance
Credit Cash for the amount paid
Credit Purchase Discounts for the amount of discount
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