Inventory: Discounts – Accounting In Focus
Inventory: Discounts – Accounting In Focus
Jul 28, 2014
accountinginfocus.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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