Shirley bought goods from Corrine. The goods had a list price of $800. Corrine allowed Shirley trade
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Shirley bought goods from Corrine. The goods had a list price of $800. Corrine allowed Shirley trade discount of 20% and cash discount of 5%. In Corrine's books, which entries record the cheque she received from Shirley?
Transcribed Image Text:
A Account to be debited Bank $608 Discounts Allowed $32 B Bank $608 Discounts Received $32 Bank $608 Discounts Allowed $152 D Bank $608 Discounts Received $152 Account to be credited Shirley $640 Shirley $640 Shirley $760 Shirley $760
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To properly record the transaction in Corrines books we need to account for both the trade discount ...View the full answer
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