Cash$49,500

Accounts receivable$98,700

Less: Allowance for doubtful accounts7,760 so A/r is 90,940

Inventory181,950

Prepaid expenses8,790

Accounts payable$56,810

Notes payable70,790

1.January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $43,500, on which a cash discount of 2% was taken.

Transaction recorded as credit to $42,630 ( 2% discount = 870) debit to A/P

Correct? Am I am missing anything