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How do I journalize paid Fuentes Company in full in the amount of $1500 within the...

How do I journalize paid Fuentes Company in full in the amount of $1500 within the discount period in the general journal?

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Expert Solution

Journal (For payment of goods purchased)

Date

Account title

Debit

Credit

If payment is made within the discount period

Accounts payable - Fuentes Company

        Cash

        Merchandise inventory (with discount amount)

0

You have not provided the credit terms. For example, if credit terms are 2/10, n/30, it means there is a discount of 2% if payment is made within 10 days of the invoice date (the discount period).

Discount = 1,500 x 2%

= $30

Final payment = 1,500 - 30

= $1,470

Journal

Date

Account title

Debit

Credit

If payment is made within the discount period

Accounts payable - Fuentes Company

1,500

        Cash

1,470

        Merchandise inventory

30

ekkarill92 answered 2 hours ago
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