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Hi Sir,
Why is the answer to this a credit?
During October 20X9 Mabel made sales with a list price of $70,000 to Poppy. Mabel offers a trade discount of 8% on sales. What accounting entry should Mabel make in the statement of profit or loss to record the total revenue in respect of this sale?
Thank you
When we make sales, the double entry is to Dr Cash (or receivables if the sale on credit) and Cr Sales.
You really should watch my free lectures, because this is a very basic entry.
The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
I am guessing that maybe you are really asking about the trade discount. If you are, then as again I explain in our free lectures. the sales is recorded as $70,000 less the discount of 8% (which is the final amount that will appear on the invoice).
Sir, please reply according tot he correct answer. It will be really helpful for us STUDENTS.
Please; don’t tell us to watch the videos again and again; please understand.MommyandDaddy: I answered the question that was asked in full (and even wrote more than was asked for). If you still have ‘doubts’ after reading my answer properly then it would be a good idea to say what your doubts are!!
If you cannot be bothered to spend the time watching the free lectures then do not expect me to spend my time typing out my lectures here.
Given that you are not being asked to pay anything for our service it would be good if you could learn some manners.
MommyandDaddy wrote:We are HAVING DOUBTS AND THAT’S WHY WE ARE ASKING OUR DOUBTS. We want a written answer; hence please don’t not reply by telling that:
Stop being disrespectful, he did clear the doubt.
Mind Boggled how you could be so rude. John is so helpful with his answers. If you cannot be respectful of what he does to students then I must say you shouldn’t be here on this platform
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