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How do you record trade discounts in the General Journal?

In: Business Accounting and Bookkeeping, How-To [Edit categories]

Answer:

shyama/c........dr
to purchases a/c

First answer by ID1978785031. Last edit by ID1978785031. Question popularity: 2 [recommend question].

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What is the general journal entry to record 401k?
To record payroll for month end: D R Payroll Expenses CR Cash CR 401 Payable To pay 401k plan DR 410k Payable CR cash
Do you only record credit transactions in general journal?
we can also record cash transactions too
What is a trade discount?
Trade discount is the discount that is deducted from the source and then the actual amount is shown. The trade discounts are not shown in the books of accounts. Only the cash discount is shown in the...
What is the journal entry to record a sale from inventory with a trade in?
Sales >>>Cash/Accounts Rec/NotesRec Cost of Goods Sold >>>Merchandise Inventory
What journal entry is used to record purchase discounts?
It depends on the kind of discount and agreement that has been agreed upon in the sale transaction. Here is an example of a journal entry for discount for a normal credit sale transaction: Accounts...