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Which of the following entries is correct in respect of reserve for discounts on accounts payable?
Accountingmedium
ADebit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
BDebit Accounts Payable A/c and Credit P&L A/c
Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
D
Correct Answer: C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
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