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if a company purchased merchandise at discount then sells the merchandise before it has paid for...

if a company purchased merchandise at discount then sells the merchandise before it has paid for it. in the journal entries for the sale I made the cost of goods entry as if the product was not purchased at the discount price but when the company later paid for the merchandise it did so in the discount window. Would this situation require going back and making another journal entry to alter the cost of goods account?

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If the goods are purchased on discount, merchandise to be recorded with the following journal entry Purchases/ InventoryDr To Accounts Payable To Purchase Discount/Discount Received When these goods are sold the cost of goods sold is debited with the cost less discount purchased or paid. So now since the discount is recorded at the time of purchase itself, no separate entry required after the sale of the same merchandise. Suppose if the discount is not recorded at the time of purchase, we need to adjust the cost of goods sold by having an adjusting journal entry for reducing the cost of goods sold. Adjusting entry will be Inventory Dr To Cost of goods sold

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