The entry to record payment of a voucher,for an invoice within the discount period,under the net method will include:

Name: The entry to record payment of a voucher,for an invoice within the discount period,under the net method will include:
Brand: Quizplus
Rating: 4.8 (54 reviews)

Question

Quizplus · Accepted Answer

Under the net method, the purchase is initially recorded with the discount deducted. If the payment is made within the discount period, there is no need for an entry involving Purchase Discounts or Discounts Lost, as the discount has already been accounted for.

The Entry to Record Payment of a Voucher,for an Invoice