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RANE Group Title

which accounts should these 2 transaction to be recorded in? 1-Purchased inventory on credit from farhiya the business will receive a 5% discount if payment is made within 7 days AMOUNT= $5500 2-Paid the amount owing to farhiya and received the discount (an entry is also required for the GST adjustment)

  • one year ago
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    @FutureMathProfessor

    • one year ago
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    can u pls pls again?

    • one year ago
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    First when purchase is done on credit Purchases debit $5500 Fariya Credit $5500 and if payment is made within 7 days Purchases $5500 Discount received $275 Cash or bank $5225

    • one year ago
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spraguer (Moderator)
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