Explanation:
The journal entry is shown below:
Accounts payable A/c Dr $1,600
To Cash A/c $1,568
To Merchandise Inventory A/c $32
(Being due amount is paid and the remaining balance is credited to the cash account)
The computation is shown below:
For account payable
= Purchase value of goods - credit from the supplier for damaged goods
= $1,900 - $300
= $1,600
For discount
= $1,600 × 2%
= $32
We assume the perpetual inventory method is followed
The amount of the debt that is unpaid till the date of the maturity or the date of the promissory note is the known as the balance due.
The promissory note includes the amount due that is unpaid by the customer and the maturity date is the date that is denoted to the customer as the deadline to pay the amount.
The journal entries have been attached below.
The computation is shown below:
[tex]\begin{aligned}\text{Account payable}&= \text{Purchase value of goods - credit from the supplier for damaged goods}\\&= \$1,900 - \$300\\&= \$1,600\end{aligned}[/tex]
[tex]\begin{aligned} \end{aligned}\text{Discount} = \$1,600 \times 2\%= \$32[/tex]
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