The purchase discount lost accounts is used when with -
A)The gross method is used with periodic system and the terms of the discount are not met.
B)The net method is used with the perpetual system and the terms of the discount are met.
C)The gross method is used with the periodic system the terms of the discount are not met.
D)The net method applied to either the periodic or perpetual systems and the terms of the discount are not met.

Question

Quizplus · Accepted Answer

The purchase discount lost account is used under the net method when the terms of the discount are not met, regardless of whether a periodic or perpetual system is used.

The Purchase Discount Lost Accounts Is Used When with -