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What is the Journal Entry for Discount Allowed

Discount Allowed. Discounts are very common in today’s business world, they are generally provided in lieu of some consideration which can range from timely payments to market competition.

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What is the Journal Entry for Discount Received

Discount Received. Discounts are common in both B2B and B2C transactions to push both credit and cash sales, they are usually given in lieu of some consideration which can be prompt payments, trade practices, recoveries, etc.While posting a journal entry for discount received “Discount Received Account” is credited. Discount received acts as a gain for the business and is shown on the

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