how do you account for "sales discounts" in accounting?

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They are accounted for in the Income Statement. Sales Discounts is subtracted from the Gross Sales account to arrive at Net Sales.

2006-11-25 16:03:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋

"Sales Discounts" is a Contra-Revenue account. It is grouped with the Revenue items but its normal balance is a debit.

2006-11-26 00:08:27 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋