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A sales discount account is a contra-revenue account.
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∙ 12y ago
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What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Is the Sales discount account a debit or credit?
Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.
Does the sales discount increase an operting expense account?
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.
Sales is what type of account?
Sales is a revenue account and has a credit balance as a normal balance.
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Is the Sales discount account a debit or credit?
Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Does the sales discount increase an operting expense account?
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.
Sales is what type of account?
Sales is a revenue account and has a credit balance as a normal balance.
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
The Sales Returns and Allowances account is debited when?
Payment is made to a supplier within the discount period.
What is the normal balance on a sales discount account?
it is a contra -revenue account (to sales), so, that means it has a debit (dr) balance. I know because I am swagly and because that is what my accounting book told me. /swag
What are the different type of control account?
sales control account purchases control account
What is the sales entry in Sales discount?
Discount a/c Dr 20 Raman Industries Dr 80 To Sales 100 (Sales book & discount given )
What type of account is sales tax payable?
Liability
If you have a discount-- does sales tax come after or before discount?
I think the discount comes first and then the sales tax.
