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
Platidiam
- An inorganic water-soluble platinum complex. After undergoing hydrolysis, it reacts DNA produce both intra interstrand crosslinks. These crosslinks appear to impair replication and transcription of DNA. The cytotoxicity cisplatin correlates with cellular arrest in G2 phase cell cycle.