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Accounting Concepts and Tips

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Wednesday, July 11, 2012. Cash Discount, Purchase Discount, Sales Discount. Is given to customers in order to induce them to pay promptly or even before the payment terms. The amount of cash discount is recorded in the Seller's Book as a debit to Sales Discount. Sales Discount is a contra sales account. Or is deducted to Sales to get Net Sales. Or is deducted to Purchases to get Net Purchases. Transactions u...

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Accounting Concepts and Tips | accountingxcel.com Reviews
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Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Wednesday, July 11, 2012. Cash Discount, Purchase Discount, Sales Discount. Is given to customers in order to induce them to pay promptly or even before the payment terms. The amount of cash discount is recorded in the Seller's Book as a debit to Sales Discount. Sales Discount is a contra sales account. Or is deducted to Sales to get Net Sales. Or is deducted to Purchases to get Net Purchases. Transactions u...
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Accounting Concepts and Tips | accountingxcel.com Reviews

https://accountingxcel.com

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Wednesday, July 11, 2012. Cash Discount, Purchase Discount, Sales Discount. Is given to customers in order to induce them to pay promptly or even before the payment terms. The amount of cash discount is recorded in the Seller's Book as a debit to Sales Discount. Sales Discount is a contra sales account. Or is deducted to Sales to get Net Sales. Or is deducted to Purchases to get Net Purchases. Transactions u...

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1

Accounting Concepts and Tips: Purchase Returns

http://www.accountingxcel.com/2012/07/purchase-returns.html

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Wednesday, July 11, 2012. Account is one of the contra-asset account. Particularly a contra-purchases account. Of the Purchase Returns and Allowances is credit. This decreases amount of Purchases. To arrive at Net Purchases. This is also an account used by the buyer. Another example would be like this. The customer ordered a pair of shoes with 8-inch in size. The seller delivered the 8-inch shoes but...

2

Accounting Concepts and Tips: FOB Shipping Point, Freight Collect

http://www.accountingxcel.com/2012/07/fob-shipping-point-freight-collect.html

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Friday, July 6, 2012. FOB Shipping Point, Freight Collect. Is a freight term used in accounting. Under freight collect, the Buyer is the one who makes the actual payment to the shipping company or any other logistics company. Normally if the contract between the buyer and seller is FOB Shipping Point. Payment of freight is freight collect. This is also the assumption when problem in accounting is silent.

3

Accounting Concepts and Tips: FOB Destination, Freight Collect

http://www.accountingxcel.com/2012/07/fob-destination-freight-collect.html

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Friday, July 6, 2012. FOB Destination, Freight Collect. Under FOB Destination, Freight Collect. The Seller shoulders freight charges (FOB Destination) but instead of the Seller making the actual payment to the shipping company or logistics company, the Buyer makes the actual payment or advances the payment on behalf of the seller (Freight Collect). Accounting treatment is a little bit complex. Freight-in.

4

Accounting Concepts and Tips: Purchase Allowances

http://www.accountingxcel.com/2012/07/purchase-allowances.html

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Wednesday, July 11, 2012. Purchase Allowances account is one of the contra-asset account. Particularly a contra-purchases account. Of the Purchase Allowances is credit. This decreases amount of Purchases. To arrive at Net Purchases. This is also an account used by the buyer. Example: The buyer noticed that the Refrigerator delivered to him has a scratch but does not affect the performance of it. The buye...

5

Accounting Concepts and Tips: FOB Shipping Point, Freight Prepaid

http://www.accountingxcel.com/2012/07/fob-shipping-point-freight-prepaid.html

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Friday, July 6, 2012. FOB Shipping Point, Freight Prepaid. Under FOB Shipping Point, Freight Prepaid. The Buyer shoulders freight charges (FOB Shipping Point) but instead of the Buyer making the actual payment to the shipping company or logistics company, the Seller makes the actual payment or advances the payment on behalf of the buyer (Freight Prepaid). Account, instead a Freight-out. I really enjoyed read...

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Accounting Concepts and Tips

Accounting Concepts and Tips. Learn all about the accounting concepts and its related discipline. Wednesday, July 11, 2012. Cash Discount, Purchase Discount, Sales Discount. Is given to customers in order to induce them to pay promptly or even before the payment terms. The amount of cash discount is recorded in the Seller's Book as a debit to Sales Discount. Sales Discount is a contra sales account. Or is deducted to Sales to get Net Sales. Or is deducted to Purchases to get Net Purchases. Transactions u...

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