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1 . Please tell us about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these accounts. Do they appear on the

1 .

Please tell us about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these accounts. Do they appear on the Financial Statements?

2 .

Please tell us about Sales Discounts. Why are they necessary? Does this account appear on the Financial Statements?

3 .

How are sales to customers using credit cards recorded?

4 .

Please create an example of an Income Statement for a merchandising business.

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