The inventory received on a purchase order was paid for within 20 days of the purchase. Payment terms on invoice were 2% 10, Net 30.
1. DR A/C #20000 Accounts Payable
CR A/C #10100 Checking
CR A/C #54599 Less Discounts Taken
2. DR A/C #20000 Accounts Payable
CR A/C #50100 Cost of Goods Sold
3. DR A/C # 20000 Accounts Payable
CR A/C #10100 Checking
4. DR A/C #50100 Cost of Goods Sold
CR A/C #10100 Checking
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