Inventory: Discounts – Accounting In Focus
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aroma company used the net price method of accounting for cash discounts in one of its transactions on december 26 2021 the entity sold merchandise with a list price of p5000000 to a custome 91197
aroma company used the net price method of accounting for cash dis…
Feb 29, 2024
numerade.com
Here is a quick lesson on accounting for sales discounts! Students are often confused by how credit terms are stated, so I explain how to interpret this. I then explain how to make the journal entries to account for the initial sale and customer payment. Remember Sales Discount is a contra-revenue account (increases with debits). #accounting #study #studytok #studywithme #educational #learnontiktok #fyp #foryou #accountant #accountancy
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