Need Answer correctly Under what circumstances does trade discount affectthe accounting records?a) Appears as reduction in salesb) Shows as contra revenue accountc) Never recorded - only net amount is journalizedd) Recorded as financial expense

Step 1:There are two types of discount Trade discount Cash discount Trade discount is the discount…

Answered: Under what circumstances does trade…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.1: Uncollectible Accounts Receivable

Problem 2AYU

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Under what circumstances does trade discount affect the accounting records? a) Appears as reduction in sales b) Shows as contra revenue account c) Never recorded - only net amount is journalized d) Recorded as financial expense