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1. Your accounts payable system makes automated journal entries each time invoice is recorded.

2. Each vendor has usual terms included in vendor master file, including Taxpayer IDC, Name

3. You have received the invoice from Vendor A for one widget (an item of Machinery & Equipment) in amount of $34,175.36 which agrees with suitable purchase order. You also have receiving report from Receiving Department which points to that you have got widget in problem in good order. You usually purchase manufacturing supplies from this vendor.

4. This invoice offers normal discount of $341.75 if paid within 10 days.

5. Discounts are usually recorded in Discounts Earned account in Other Income & Expense section of the Chart of Accounts.

6. You have paid invoice within discount period.

7. Make all related journal entries in journal form for this purchases and related payment.

 

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  • Category:- Accounting Basics
  • Reference No.:- M917270

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