Discounts allowed - accounts, Accounting Basics

Assignment Help:

Explain Discounts allowed.

Related Discussions:- Discounts allowed - accounts

Please use the following information to answer questions, Please use the fo...

Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-

Create a balance sheet and manage accounting entries, Two companies enter ...

Two companies enter into loan agreements on 1 March 2012. On that date they also enter into an agreement to swap the loans. The details for each company and loan are: L R R Hood

Vouchers, what is the exact meaning of journal that we doing entries??

what is the exact meaning of journal that we doing entries??

Principles of Taxation for Business and Investment Planning, AsCompare and ...

AsCompare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.k question #Minimum 100 words accepted#

Income statement single step, Solve accounting income statement question in...

Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company: Net Sales 5

Accounting Assignment, Go to http://moneycentral.msn.com and look up the ...

Go to http://moneycentral.msn.com and look up the companies Lowe’s (symbol: LOW) and Home Depot (symbol: HD). To the left, you will see several different tabs. At the bottom, yo

Explain about depreciation, Q. Explain about Depreciation? Depreciation...

Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th

What is intangible assets, Q. What is Intangible Assets? Intangible Ass...

Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha

Cash selling and administrative expenses, Stewart Company sold 180 units @ ...

Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The

Partner ship acconts, leagl provision of partner ship accounts

leagl provision of partner ship accounts

Jermy 2/12/2013 5:17:00 AM When a business offers a credit customer a discount for early settlement, the discount granted is a discount allowed. The consequence of a discount allowed results in the business receiving a reduced amount for a sale. Although the sales revenue is reduced, a discount allowed is never charged to the trading account. Discounts allowed are always charged as a separate expense to the profit and loss account.

Jermy

2/12/2013 5:17:00 AM

When a business offers a credit customer a discount for early settlement, the discount granted is a discount allowed. The consequence of a discount allowed results in the business receiving a reduced amount for a sale. Although the sales revenue is reduced, a discount allowed is never charged to the trading account. Discounts allowed are always charged as a separate expense to the profit and loss account.

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages