Buyers and sellers do not normally record the list prices of merchandise and the trade discounts in accounts.

Name: Buyers and sellers do not normally record the list prices of merchandise and the trade discounts in accounts.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

List prices and trade discounts are not recorded in accounts because they are usually negotiated between the buyer and seller and can vary depending on the circumstances of the transaction. However, the net price after any discounts and allowances is recorded in accounts.

Buyers and Sellers Do Not Normally Record the List Prices