Using the voucher system when paying an invoice outside the discount period,assuming the gross method,the entry would be to debit Vouchers Payable,credit Discounts Lost,and credit Cash.

Name: Using the voucher system when paying an invoice outside the discount period,assuming the gross method,the entry would be to debit Vouchers Payable,credit Discounts Lost,and credit Cash.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The correct entry would be to debit Vouchers Payable and credit Cash. Discounts Lost is not used in the gross method.

Using the Voucher System When Paying an Invoice Outside the Discount