Prepare general journal entries for discount and payment


Question: Prepare general journal entries for the discount and the payment. Steve Ponting Plumbing offer Harold Raven a discount of 2% if his account is paid within 7 days of the invoice date. On 8 October, services to Harold of $3,300 including GST were invoiced by Steve Pointing Plumbing on Invoice 123. Harold paid on 10 October, taking advantage of the discount offered.

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Accounting Basics: Prepare general journal entries for discount and payment
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