The account used by the purchaser to record the amount of discount granted by its suppliers for prompt payment is the:

Name: The account used by the purchaser to record the amount of discount granted by its suppliers for prompt payment is the:
Brand: Quizplus
Rating: 4.9 (49 reviews)

Question

Quizplus · Accepted Answer

The account used by the purchaser to record the amount of discount granted by its suppliers for prompt payment is the discount received account. This account is a deductible expense and it reduces the cost of goods sold.

The Account Used by the Purchaser to Record the Amount