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August 29, 2022 at 1:00 pm
Sir, in the last settlement discount question, wouldn’t we record it as cash sale,
Dr cash 100
Cr. Sales 100
Rather debiting to the receivables?
March 10, 2022 at 8:45 am
When it comes to figures with decimals, how do we recognize when to use decimals and when to just round it off to one whole number.
March 10, 2022 at 8:56 am
Also, does it matter if I just simply credit 5,000 into sales and debit 100 into a discount-allowed account which I then credit if the customer hasn’t paid within 10 days?
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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