Which of the following is true of trade discounts?

Accounts - Principles of Accounts WAEC 1993

Which of the following is true of trade discounts?

  • they are recorded in the ledger only
  • they are not different from cash discount
  • they are recorded in journal onlu checkmark
  • they are recorded in ledgers and journals
  • each discount receives double entries

The correct answer is: C

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