Instead, they are deducted directly from the revenue at the time of sale, resulting in a lower recorded sale amount. For instance, if a product with a list price of $100 is sold with a 10% trade discount, the sale is recorded at $90. This practice simplifies the accounting process and reflects the actual transaction… Continue reading Contra revenue definition
Month: August 2021
Double-entry bookkeeping Wikipedia
Periodically, depending on the business, journal entries are posted to the general ledger. The general ledger is the exact same information as the journal, but sorted by account. Using Nav to find the right accounting software is the simplest way to get the right option for your business. The scandal serves as a stark reminder… Continue reading Double-entry bookkeeping Wikipedia