The purchase discount will not be shown in this journal entry at the time of purchase.
If payment is received by a specific date, a payer may subtract a purchase discount from the invoice amount. When a seller needs to hasten the inflow of cash, they use this discount.
List price of goods = $2,000
Trade discount = 25% and 15%
Credited with the purchasing discount =?
When the price of the purchased products is paid, the purchase discount is credited.
The journal does not include a trade discount entry.
The purchase discount will therefore not be shown in this journal entry at the time of purchase.
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