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Discount allowed / Discount received
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My understanding of these two accounts are: Discount allowed is affected when the company offers a discount to a customer and it is netted against sales... thus listed in the chart of accounts as an income account. Discount received is affected when a vendor offers a discount on purchases and...
Provision for Contingencies
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Need some pointers for the following question. Please help! The following selected transactions relate to provisions or contingencies of Classical Tool Makers, Inc. which began operations in July 2009. Classical's fiscal year ends on December 31. Financial statements are published in April... View more questions Search
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