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Question - Kimbel Company uses the net method of accounting for sales discounts. Kimbel also offers trade discounts to various groups of buyers. On August 1, 2016, Kimbel sold some accounts receivable without recourse incurring a finance charge. Additionally, Kimbel has some notes receivable bearing interest, with the principal and interest due at maturity. The notes were received on October 1, 2016, and mature on September 30, 2018. Kimbel's operating cycle is less than 1 year.
1. Using the net method, how should Kimbel account for the sales discounts at the date of sale? What is the rationale for the amount recorded as sales under the net method?
2. Using the net method, what is the effect on Kimbel's sales revenues and net income when customers do not take the sales discounts?
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