Question

A
discount is allowed in order to recover the amounts due in time.
Select one:
a. gross
O b. trade
c. retail
O d. cash

Answer 1

Answer:

a) gross

Explanation:

Debiting discount allowed ledger has the effect of reducing gross sales revenue by the amount of cash discount allowed. Consequently, receivables are credited to reduce their balance to the amount that is expected to be recovered from them, i.e. net of cash discount.

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Answer 2

Answer:

b.trade

Explanation:

This is the right answer