Credit Sales, VAT, Discounts Flashcards
1
Q
Accounting for PPD
A
Debit: discounts allowed with net
Debit: VAT account w VAT
Credit: Receivable account w gross
Debit bank with total paid
Credit receivables as less is owed
Accounting for PPD
Debit: discounts allowed with net
Debit: VAT account w VAT
Credit: Receivable account w gross
Debit bank with total paid
Credit receivables as less is owed