Question

When using the gross method, the journal entry to record taking a discount when paying for goods previously purchased on account includes a ______. (Check all that apply.)

Answer 1

Good record entry is important in business, adjusting entries will include record of goods that was previously purchased.

What is Journal entry?

Journal entry contains business details or data to a single business transaction. It includes the date, the amount payable for a particular good and the amount to be debited.

Adjusting entries include records that has changes to accounts that are not otherwise accounted for in the journal earlier.

Therefore, Adjusting entries will record taking a discount when paying for goods previously purchased.

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