The situation you are describing is a Purchase.
The journal entry to record the purchase is:
Debit Purchases for the amount
Credit Accounts Payable for the amount
If you make a payment within the discount period and are using the Gross Method then the journal entry is:
Debit Accounts Payable for the total amount
Credit Purchase Discounts for the amount of the discount
Credit Cash for the amount paid
If you use the Net method you record the purchase with the discount taken. For example if you made a purchase that costs $20,000 terms 2/10, n/30.
The journal entry to record this is
Debit purcahses for 19,600
Credit Accounts payable for 19,600
The journal entry to record payment within discount period is:
Debit Accounts Payable for 19,600
Credit Cash 19,600
If the payment was after the discount period then the journal entry is:
Debit accounts Payable for 19,600
Debit Interest Expense fro 400
Credit Cash for 20,000
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