Asked by
Jarod Boles
on Nov 12, 2024
Verified
Buyers and sellers do not normally record the list prices of merchandise and the trade discounts in accounts.
Trade Discounts
Discounts from the list prices in published catalogs or special discounts offered to certain classes of buyers.
List Prices
The pre-discount price at which goods and services are listed to be sold to customers.
- Recognize the accounting treatment for trade discounts and purchase discounts.
Verified Answer
CM
Learning Objectives
- Recognize the accounting treatment for trade discounts and purchase discounts.
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