While posting a journal entry for discount allowed “Discount Allowed Account” is debited. ... Discount allowed acts as an additional expense for the business and it is shown on the debit side of a profit and loss account.
What is the Journal Entry for Discount Allowed? - AccountingCapital
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Accounting for the Discount Allowed and Discount Received When the seller allows a discount, this is recorded as a reduction of revenues, and is typically a debit to a contra revenue account. For example, the seller allows a $50 discount from the billed price of $1,000 in services that it has provided to a customer.
Discount allowed and discount received - AccountingTools
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The discount allowed is the expense of the seller. Discount Received is an income of the buyer. Discount allowed is debited in the books of the seller. Discount Received is credited in the books of the buyer.
Discount Allowed and Discount Received - WallStreetMojo
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Discount allowed is recorded on the debit side in the books of the seller while the other is recorded in the credit side in the buyer's books.
What is Discount Allowed and Discount Received? - Tax and ...
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