Cash discount is often recorded on?
...Cash discount is often recorded on?
The debit side of the cash book
The credit side of the cash book
The folio column of the cash book
Both credit and debit side of the cash book
Correct answer is D
A cash discount is a deduction allowed by some sellers of goods or by some providers of services in order to motivate customers to pay within a specified time. It will be recorded on the debit and credit side of the cash book. Recall the three column cashbook has the cash, bank and discount columns. The debit side of the discount will record cash discount received while the credit side will record discount allowed.
Which of the following errors affects the agreement of a Trial balance? ...
Which of the following is a real account item? ...
A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is &n...
Uche returned goods worth N1,500 to Udo. Uche should receive ...
Carriage inwards is posted to ...
\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120...