Purchase Discounts appear under which column of the worksheet, with the following normal balance?
A) Income Statement, CR
B) Income Statement, DR
C) Balance Sheet, CR
D) Balance Sheet, DR

Name: Purchase Discounts appear under which column of the worksheet, with the following normal balance? A) Income Statement, CR B) Income Statement, DR C) Balance Sheet, CR D) Balance Sheet, DR
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Question

Quizplus · Accepted Answer

Purchase Discounts are considered a reduction in the cost of purchases and are recorded as a credit on the Income Statement.

Purchase Discounts Appear Under Which Column of the Worksheet, with the Following