Homework Answers
Answer - 1
Sales discounts ..............................Dr. $20
Allowance for sales discount. . ....... ..... .. $20
(To record the future sales discount )
Answer -2
If the allowance for sales discount is having $5, then
The allowance for future sales discount
= future discount - already having the credit
= $20 -$5 = $15
Sales discount. ..... ...... .. . ... ........... .. Dr. $15
Allowance for sales discount. ... ... . ..... . .... $15
(To recrecord the future sales discount)
Answer - 3
Allowance for sales discount is a contra asset account.
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