I think it's sales tax
I think the discount comes first and then the sales tax.
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
A sales discount account is a contra-revenue account.
Sales discount is shown under income statement as a deduction from sales because it reduces the actual sales figure.
Sales discount is a reduction of actual sales. It is not an expense rather it is the reduction is selling price which reduces the sales.
I think the discount comes first and then the sales tax.
Discount a/c Dr 20 Raman Industries Dr 80 To Sales 100 (Sales book & discount given )
Debit accounts receivableCredit sales revenue
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
A sales discount account is a contra-revenue account.
Sales discount is the reduction in price of value of sales to customer for promotional purposes.
Yes, sales discount is the reduction in value of sales that's why shows as deductions from sales revenue.
Sales discount is shown under income statement as a deduction from sales because it reduces the actual sales figure.
Sales discount is a reduction of actual sales. It is not an expense rather it is the reduction is selling price which reduces the sales.
discount or sales on tires in wichita ks
sales consultant
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.