What is a contra-revenue account and give two examples

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1. What is a purchase discount? What is the effect of a purchase discount on the overall cost of inventory to the buyer?

2. Explain the terms of a purchase described as 2/15, n/30. Would you take advantage of this offer? Why or why not?

3. What is a contra-revenue account? Give two examples of contra-revenue accounts.

4. What is a sales discount? What is the effect of a sales discount on the total sales revenue of the seller?

Reference no: EM13937770

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