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In intro accounting we often deal with sales of goods or services that involve offering sales discounts to encourage customers to pay their accounts more quickly. If they take advantage of the sales discount we record that as a contra revenue. If they do not take advantage of the sales discount we just we just record this like any other collection of accounts receivable! #accounting #study #major #student #foryou #journalentry

In intro accounting we often deal with sales of goods or services that involve offering sales discounts to encourage customers to pay their accounts more quickly. If they take advantage of the sales discount we record that as a contra revenue. If they do not take advantage of the sales discount we just we just record this like any other collection of accounts receivable! #accounting #study #major #student #foryou #journalentry

390 views4 months ago

TikTokaccountingprofessor

Here is a quick lesson on accounting for sales discounts! Students are often confused by how credit terms are stated, so I explain how to interpret this. I then explain how to make the journal entries to account for the initial sale and customer payment. Remember Sales Discount is a contra-revenue account (increases with debits). #accounting #study #studytok #studywithme #educational #learnontiktok #fyp #foryou #accountant #accountancy

Here is a quick lesson on accounting for sales discounts! Students are often confused by how credit terms are stated, so I explain how to interpret this. I then explain how to make the journal entries to account for the initial sale and customer payment. Remember Sales Discount is a contra-revenue account (increases with debits). #accounting #study #studytok #studywithme #educational #learnontiktok #fyp #foryou #accountant #accountancy

991 views5 months ago

TikTokaccountingprofessor

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