Accounting for IGCSE & O level - Accounting Procedures (Section 22 - No. 43)
A business receives a discount from a supplier for early payment. How does this affect the Purchases Ledger Control Account?
The account is debited.
The account is credited.
The account balance remains the same.
The account is ignored.
Explanation
A discount decreases the amount owed, which means it's a credit entry.
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