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What else can I help you with?
Using the allowance method what does the journal entries do?
The journal entry to record the adjustment to the AFDA is as follows: Debit Bad Debt Expense Credit AFDA To record a write-off: Debit AFDA Credit Trade A/R To record a recovery of a previously written-off transaction: Debit Trade A/R Credit AFDA Debit Cash Credit Trade A/R
How do you record journal entry to purchase goods with trade discount?
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
What are the different kinds of discount?
trade discounts, cash discounts, discount series and seasonal discounts
When was The Mining Journal - trade magazine - created?
The Mining Journal - trade magazine - was created in 1835.
Purchase discounts is the same as trade discounts true or false?
false
What is the journal entry to record a sale from inventory with a trade in?
Sales >>>Cash/Accounts Rec/NotesRec Cost of Goods Sold >>>Merchandise Inventory
How frequent is Tea and Coffee Trade Journal published?
The Tea & Coffee Trade Journal is published on a monthly basis. The journal is published by Lockwood Publications, Inc. The entire journal can be read online at the Tea and Coffee website.
Trade discounts also called functional discounts are?
yes, trade discounts is also called functional discounts I wish I could improve this answer since it does not address the actual question of what these discounts are, but I am also looking for that answer, so hopefully someone will actually take the time to read the question before answering it.
How cash discount differ from trade discount?
Trade discounts are guranteed discounts a business is getting by purchasing from a seller. Cash discounts are OPTIONAL discounts that a buyer gets if they opt to pay their bill (invoice) earlier then the due date. The seller specifies in the invoice how many days earlier a buyer has to pay their bill to get the cash discount. If a cash discount is taken, it is applied after the trade discounts, but before shipping and handling charges.
Where is trade discounts recorded in?
Trade discounts are not entered in the accounting records. They are not considered to be a part of the sale because the exchange agreement was based on the reduced price.NB: Remember the general rule that sales are recorded when an exchange takes place. The measurement of the sale is based on the exchange price. Therefore, the amount recorded as a sale is the invoice price. The entries previously shown for a $4,000 sale would also be appropriate if the list price was $5,000, subject to a 20% trade discount.
What is general trade?
Selling and purchasing is the most common general trade of the business.
When did General Trade Company end?
General Trade Company ended in 1774.
