NET PURCHASE RECORDING
\nˈɛt pˈɜːt͡ʃɪs ɹɪkˈɔːdɪŋ], \nˈɛt pˈɜːtʃɪs ɹɪkˈɔːdɪŋ], \n_ˈɛ_t p_ˈɜː_tʃ_ɪ_s ɹ_ɪ_k_ˈɔː_d_ɪ_ŋ]\
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Recording method for cash discounts or purchases accounting. Its journal entry basis is invoice amount minus expected cash discount. The discount is charged to discounts lost account if the discount is not realized. Also known as net price recording.
By Henry Campbell Black
Word of the day
Snake's-head
- Guinea-hen flower; -- so called in England because its spotted petals resemble the scales of a snake's head.