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April 18, 2020 at 4:16 pm
Hi John, Thank you. Is prompt payment discount the same as what we learnt in previous chapters as cash discount? Would it be different if in example 2 it is not mentioned “customer is expected to take discount”. It is a bit confusing since we don’t record trade discount and what you have illustrated in example 2 is somewhat similar to trade discount wherein we aren’t recording it initially.
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