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Which are the correct entries to record a discount received

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Reference no: EM132761286

Problem 1: Which of the following are the correct entries to record a Discount received from the supplier?

a) Dr Trade Payables, Cr Bank
b) Dr Trade Receivables, Cr Bank
c) Dr Trade Payables, Cr Discounts Received
d) Dr Trade Receivables, Cr Discounts Received

Problem 2: Which of the following should be entered in bank accounts?

a) Return inwards
b) Payment of purchases by cheque
c) Equipment bought on credit
d) Credit sales of inventory

Reference no: EM132761286

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