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Earn +20 ptsQ: What is the formula for computing cash discount?
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Is Cash Discount received on cash sales?
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
What is the journal entry for a cash purchase with discount?
Debit purchasesCredit cash / bankno entry for trade discount and in case of cash discount:Debit purchasesCredit cash / bankcredit discount
What is cash discount?
A discount given to the buyer if he/she pays in cash rather than credit
What is trade and cash discount?
Trade discount is the discount which is in actual sale price of unit at the time of sales and never shown in books of accounts. Cash discount is the discount in value of accounts receivable after sales completed.
What to consider before deciding on whether to offer a cash discount?
We should consider the due date for the cash discount.
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