madisonlogsdon madisonlogsdon
  • 20-04-2020
  • Business
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purshed discounts based on total purches over a period of time are what discounts

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kwings1710 kwings1710
  • 20-04-2020

Answer:

Purchase discounts is a contra revenue account. Revenue accounts carry a natural credit balance; purchase discounts has a debit balance as a contra account. On the income statement, purchase discounts goes just below the sales revenue account.

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