An example of a credit entry in a profit and lo... - WAEC Accounting 2014 Question
An example of a credit entry in a profit and loss account is
A
carriage inwards
B
carriage outwards
C
discounts allowed
D
discounts received
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Correct Option: D
Discount received appear as a credit on the Profit and Loss Account. Basically, the cash discount received journal entry is a credit entry because it represents a reduction in expenses.
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