6. Journal Proper records
Bills receivables
Bills payables
Cash payments
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Suppose the bills receivable in the above example of 7,000 are discounted with a bank at a cost of 250. The journal entry to record the discounting process are as follows.
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Discounted Bills Receivable.
Account Debit Credit
Cash 6,750
Discount fee 250
Bills receivable 7,000
Total 7,000 7,000
Explanation:
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