Question

how do I post Issued Ck. No. 7218, $96814.18, to Magnuson Textiles, in payment of its...

how do I post Issued Ck. No. 7218, $96814.18, to Magnuson Textiles, in payment of its invoice no. RE64 for $9782 less 1 percent discount

Homework Answers

Answer #1

Journal Entry for this:

Date Account Description Debit Credit
Accounts Payable 97792
Discount 978
Cash 96814
(Being Payment Made)

Ledger Posting:

Accounts Payable
Posting Ref. Debit Credit
Cash Ck. No. 7218          96,814
Discount                978


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