Benefits of purchases discounts, Accounting Basics

Assignment Help:

Benefits of Purchases Discounts

Purchases Discounts account is used to record discounts given for prompt payment.

To prove ACCOUNTS PAYABLE LEDGER, you will look at balance of the Accounts Payable account and balance of the Schedule of Accounts Payable. This schedule lists balances of the individual accounts which have amounts due. These two figures should balance.

 


Related Discussions:- Benefits of purchases discounts

What is ledger, Ledger = From the Journal entries we will post the trans...

Ledger = From the Journal entries we will post the transactions in a book known as Ledger. Ledger is a book which contains the summarized and classified form of permanent record

Liabilities, current and non current liabilties

current and non current liabilties

Advantages and disadvantages of fifo, Q. Advantages and Disadvantages of FI...

Q. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods

I need help in a project on ''accounting process'', I need help in a projec...

I need help in a project on 'accounting process' . It should begin with a storyline in which a buisness have to be chosen(i have chosen a tyres dealer). Then transactions taking

Explain about financial statement, Q. Explain about financial statement? ...

Q. Explain about financial statement? The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstr

After the closing entries are posted to the ledger, After the closing entri...

After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. e

A patent costing $500, A patent costing $500,000 was purchased on July 1. T...

A patent costing $500,000 was purchased on July 1. The company expects the patent to be useful for 5 years. How much amortization expense is reconized on December 31?

Illustrate about the matching principle, Illustrate about the matching prin...

Illustrate about the matching principle  This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a

#nocluewhattodo, I need help understanding and filling out an income statem...

I need help understanding and filling out an income statement packet!

Accounting system in india.., procedure followed in government system of ac...

procedure followed in government system of accounting in india

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd