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Yes it is an income. It will be posted in the credit side of the profit and loss account.
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∙ 14y ago
Anonymous
income
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Where does sales discount go on an income statement?
does discount allowed and discount received go into the income statement or balance sheet?
Is the discount received added gross profit as income?
yup it is as it is an income so we add it in the gross profit....
What is the difference between discount allowed and discount received?
discount allowed means the discount which is given by a seller to the buyer. and discount received means the discount received by the seller for purchases made
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 the difference between discount allowed and discount received and their accounting treatment?
Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others.while discount allowedDebit discount allowedCredit cashwhile discount receivedDebit cashCredit discount received
Where does sales discount go on an income statement?
does discount allowed and discount received go into the income statement or balance sheet?
Is the discount received added gross profit as income?
yup it is as it is an income so we add it in the gross profit....
Provision for discount allowed and discount received?
provision for discount received
What is the difference between discount allowed and discount received?
discount allowed means the discount which is given by a seller to the buyer. and discount received means the discount received by the seller for purchases made
Can a person in private practice deduct the sliding scale fee discount from his or her federal income tax?
No. Unfortunately. In the US. I am not sure what you mean, but income tax is only based on income received, not on what you may have received based on some schedule or list price, or whatever.
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 the difference between discount allowed and discount received and their accounting treatment?
Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others.while discount allowedDebit discount allowedCredit cashwhile discount receivedDebit cashCredit discount received
Is discount received balance sheet item or not?
It's only treated in income statement, not balance sheet.
What is the journal entry of discount received?
Dr cash/bank Cr discount received
Is discount allowed and discount received are same as credit note issued and credit not received?
no because the discount allowed and discount received are totally diffrent and has no link with each other where as if credit note is not issued than it cant received even
What a amount of money subtracted from the sales price?
That would probably be the discount.
Types of direct income in accounts?
discount
