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goji.go goji.go
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Posts: 5977
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9 years ago
A government allows discounts on taxes if payments are made within two months of the levy date. How does the government account for the discounts as they are being taken?
A.   Allowance for discounts is debited for the amount of the discounts taken.
B.   Expenditures are debited for the amount of the discounts taken.
C.   Revenue is debited for the amount of the discounts taken.
D.   Allowance is credited for the discount and is recorded at the time the discount is taken.
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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