benefits of purchases discountspurchases, Accounting Basics

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benefits of purchases discountspurchases

Benefits of Purchases Discounts

Purchases Discounts account is used to record discounts given for prompt payment.

To prove ACCOUNTS PAYABLE LEDGER, you will look at balance of the Accounts Payable account and balance of the Schedule of Accounts Payable. This schedule lists balances of the individual accounts which have amounts due. These two figures should balance.

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