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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

  1. (a) What kind of an account is Purchases Discounts Lost?
  2. (b) How is this item reported on the income statement?

(a).

To determine

Indicate the type of account, Purchases Discounts Lost is.

Explanation

Net-price method: The method of recording the inventory purchases at net of purchase discounts is referred to as net-price method.

Purchases discount lost: Under net-price method, the purchase discounts would be deducted from the gros...

(b).

To determine

Indicate the way in which the Purchases Discounts Lost is reported on the income statement.

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