Chapter 5: Purchase Considerations For Merchandising Businesses

 

Entry to record initial purchase (gross):

Purchases With Gross Discount General Journal Entry - Entry to record initial purchase (gross)

 

Entry to record payment within the discount period:

Purchases With Gross Discount General Journal Entry - Entry to record payment within the discount period

 

OR

Entry to record payment outside of the discount period:

Purchases With Gross Discount General Journal Entry - Entry to record payment outside of the discount period