Discounts allowed - accounts, Accounting Basics

Assignment Help:

Explain Discounts allowed.

 


Related Discussions:- Discounts allowed - accounts

City of Bingham, I need help with the journal entries for chapters 8 & 9 of...

I need help with the journal entries for chapters 8 & 9 of this project.

Assets, Calculate the amount of assets for Company

Calculate the amount of assets for Company

When youre using accounting software, when youre using accounting software ...

when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks

Preparing financial statements for a merchandising business, Preparing fina...

Preparing financial statements for a merchandising business (The statements are completed in this order.) 1.  Income Statement (contains only expenses and revenue and show

Balance sheet, 1.A business man strated business with 100million on the ba...

1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let

Liability, partner investments, journal entries. The LP partnership was for...

partner investments, journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 o

Example of perpetual inventory procedure, Q. Example of perpetual inventory...

Q. Example of perpetual inventory procedure? The Perpetual inventory procedure Companies use perpetual inventory procedure in a range of business settings. In the past companie

What is goodwill?, Goodwill is an intangible asset of a organization which ...

Goodwill is an intangible asset of a organization which contains company reputation, fame etc., By goodwill company share value may enhances

What do you mean by liabilities, Q. What do you mean by Liabilities? Li...

Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i

What is depreciation, Q. What is Depreciation? Depreciation -- an expen...

Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y

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!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd