Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 10 - No. 5)
1.3 The following are impact entries made as a result of a payment made to a trade payable for a cash discount received, what is the impact on the trade payable amount?
Debit the account with the amount paid to the trade payable
Credit the account with the amount paid to the trade payable
Debit the account with the amount of the cash discount received
Credit the account with the amount of the cash discount received
Explanation
Debit the account with the amount paid to the trade payable.
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