June 14

A check was issued Yomoto Steel as payment in full, plus the discount lost, for invoice Y2395 of June 2. The payment is 2 days past the discount period. Check Number 30556. invoice number Y2395.

Option 1: (a) record the dicount lost separately, crediting Yomoto's account for the lost discount, and (b) record the payment of the new balance in the Yomoto's account.

Option 2: Record the discount lost in a compound journal entry to record the payment. This option is preferred.

The amount for the invoice is $13,360.00 and the Net method of recording is used. How do I journal this?