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What revenue from the sale of merchandise should be entered

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Reference no: EM132745509

Problem 1. Which of the following statement is false?

a. The difference between list price and invoice price is equal to the amount of the trade discount.

b. Trade discounts are a convenient means of reducing list price to invoice price.

c Trade discounts are not entered in the accounting records,

d. Trade discounts are identical to cash discounts.

Problem 2. Revenue from the sale of merchandise should be entered in the accounting records at;

a. The list price,

b. The invoice price minus any cash discount

c. The list price minus any trade discount

d. The invoice price minus any trade discount and any cash discount.

Reference no: EM132745509

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