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    ohnonotjuliet's Avatar
    ohnonotjuliet Posts: 1, Reputation: 1
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    #1

    Apr 17, 2012, 12:35 PM
    Receive cash on account covering sales invoice at 2%
    Received cash on acct 57,060.99 covering sales invoice for 58225.50; less 2% discount 1164.51 how do I journalize that
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Apr 18, 2012, 06:41 AM
    Debit Cash for the amount received
    Debit Sales discount for amount of discount
    Credit Sales for total amount of sales
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