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

    Jan 24, 2011, 10:57 AM
    What is the accounting entry for the discount for a vehicle purchase?
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    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.
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