Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below is a general journal entry for payment of the account, Brown's Birthday hire. I have attracted the discount for payment made in under 30
Below is a general journal entry for payment of the account, Brown's Birthday hire. I have attracted the discount for payment made in under 30 days. how do I record the GST component of the discount?
Accounts payable dr 550.00
Bank cr 522.50
Discount received cr 27.50
Narration - Paid invoice #321 in full to Browns Birthday Hire
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started