discount in accounting Welcome to your discount in accounting The discount allowed by the wholesaler to the retailer on the immediate payment of cash Trade Discount Cash Discount Discount Allowed Discount Received The discount calculated on list price of goods is called Cash Discount Rebate Trade Discount None of these What is the original price of an apple if you got a 20% discount and paid $0.96 for it? $1.10 $1.19 $1.20 $1.50 Paid a cheque to Mary Jones in settlement of our account of $350, less 2% cash discount. $357 $367 $343 347 Feb 3 Sold goods, $300, on credit to Carla. Feb 7 Carla returned faulty goods, $50. Feb 15 Cash sales, $610. Feb 19 Carla paid the amount owing by cheque, after deducting 3% cash discount. What was the value of the cheque Carla paid? $610. $247 $242.5 $352.5 Cash discounts differ from trade discounts. Trade discounts do not appear in the double entry accounts, but cash discounts do appear. True False None of these discount received debit or credit Debit Credit None Time is Up! Time's up
