- Which accounts should be credited or debited using journal entries?

A check was issued Yomoto Steel as payment in full, plus the discount lost, for Invoice Y2395 of June 2. The payment is 2 days past the discount period. ($13,295.00 2/10, n/30) Option 1: (a) Record the discount lost separately, crediting Yomoto's account for the lost discount, and (b) record the payment of the new balance in the Yomoto account. Option 2: Record the discount lost in a compound journal entry to record the payment. This Option is preferred. June 14 A check was issued to Penryn Legal Group as payment of their May 4 invoice. Review your Schedule of Account Receivable. ($487.00 June 14 Indirect materials of $1, 200.00 were purchased from Delta supply.) Accounts Payable Notes Payable Dividends Payable Salaries and Wages Payable Estimated Property Taxes Payable Income Taxes Payable Interest Payable Unearned Revenue Mortgage Note Payable Custom Fence and Gate Sale Income Tax Expense Interest Expense Discounts Lost Bad Debt Expense Loss on Sale/Disposal of Assets Loss on Short-Term Investments Office Salaries and Wages Expense Office Supplies Expense Advertising Expense Credit Card Expense (Depreciation Expense, Office Equipment) Utilities Expense (Bank Service Charges) Miscellaneous Expense Cash Interest Receivable Office Supplies Shipping Facility Short-Term Investments Raw and In-Process Inventory Office Equipment Accumj. Depre Shipping Facility Accounts Receivable Notes Receivable Prepaid Insurance Prepaid Advertising Shop Equipment Manufacturing Overhead