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Few simple questions about purchase discounts A1..G39 MERCHANDISE ACCOUNTING QUESTIONS: 1. PURCHASE DISCOUNTS ARE: WHAT KIND OF ACCOUNT? 1A. 1B. CONTRA-SALES ACCOUNT CONTRA- PURCHASES ACCOUNT

Few simple questions about purchase discounts
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A1..G39 MERCHANDISE ACCOUNTING QUESTIONS: 1. PURCHASE DISCOUNTS ARE: WHAT KIND OF ACCOUNT? 1A. 1B. CONTRA-SALES ACCOUNT CONTRA- PURCHASES ACCOUNT NONE OF THE OF ABOVE 1C. 2. WHAT ACCOUNT ARE THEY CONTRA TOP 1A. 1B. 1C. PURCHASES SALES EXPENSES 3. ARE THEY DR. OR CR? 1A. 1B. 1C. DR. CR, NONE 4. WHICH IS THE CORRECT J.E. WHEN RECEIVED? 1A. 1B. 10. DR. A/P, CR. CASH, CR. PUR. DISC. DR. CASH, CR. A/P, CR. PUR. DISC DR. A/P, CR. PURCHASES 5. WHO GIVES THESE DISCOUNTS? SEOTUD 3 1A. 1B. 1C. SELLER PURCHASER COPNSUMER 6. WHAT IS ANOTHER NAME FOR THESE DISCOUNTS? Mana A 1A. 1B. CUSTOMER DISCOUNT SALES DISCOUNT CASH DISCOUNT 1c

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