Solved

A Sales Discount Represents a Reduction,not in the Selling Price

Question 4

True/False

A sales discount represents a reduction,not in the selling price of a product or service,but in the amount to be paid by a credit customer if payment is made within a specified period of time.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q1: The Sales Discounts account is an expense

Q2: Notes receivable are similar to accounts receivable

Q3: Richard LLC accounts for possible bad debts

Q5: Customers' accounts that we no longer consider

Q6: Two important ratios that help in understanding

Q7: A trade discount results in:<br>A)A contra revenue

Q8: Under the allowance method,when a company collects

Q9: Allowance for Uncollectible Accounts is:<br>A)An expense account.<br>B)A

Q10: Using the income statement approach for accounting

Q11: The Allowance for Uncollectible Accounts is a