A cash discount offered to the customer for payment within a specified period, on the books of the buyer
A)Cost of goods sold
B)Freight In account
C)Purchase allowance
D)Purchase invoice
E)Purchase order
F)Purchase requisition
G)Purchase return
H)Purchases account
I)Purchases discount
J)Purchases journal
K)Receiving report
L)Sales discount
M)Sales invoice
N)Schedule of accounts payable

Question

Quizplus · Accepted Answer

A cash discount offered to the customer for payment within a specified period is recorded in the Purchases Discount account on the books of the buyer, reflecting the reduction in the amount paid for the goods.

A Cash Discount Offered to the Customer for Payment Within