Difference between revisions of "Sales Discounts"

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Revision as of 07:50, 21 December 2018

Sales Discounts (alternatively known as Sales Discount or Sales Discount account) is a contra-revenue account that records cash discounts granted to customers for payments made within a specific period of time.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Sales Discount account. A contra-revenue account that records cash discounts granted to customers for payments made within a specific period of time.

Related concepts

Related coursework