The journal entry on July 24 to record payment of the balance due is $2156
<h3>What is Discount Period ?</h3>
Discount period is the time period given by the supplier to the consumer for getting discount if the payment is made by the due date.
Debit Credit
Accounts payable (2300-100 ) 2200
Cash (2200 - (2200* 2%)) 2156
Purchase Discount / Merchandise Inventory 44
To record the payment of accounts within discount period
Amount Paid = 2300 - 200 -44 = 2156
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