An example of a credit entry in a profit and loss account...
An example of a credit entry in a profit and loss account is
Carriage inwards
Carriage outwards
Discounts allowed
Discounts received
Correct answer is D
Discount received appear as a credit on the Profit and Loss Account. Basically, the cash discount received journal entry is a credit entry because it represents a reduction in expenses.
The double entry principle states that ...
\(\begin{array}{c|c} Capital & Le\\ \hline Aye & 20,000\\ Bee & 30,000\\ Drawings & ...
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Which of the following activities will increase profits? ...