Question: Chapter 5 ( Continued ) : Accounting for Retail Businesses 1 . Please tell us about Purchases Discounts and Purchases Returns and Allowances. Please indicate

Chapter 5(Continued): Accounting for Retail Businesses1. Please tell us about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these accounts. Do they appear on the Financial Statements?2. Please tell us about Sales Discounts. Why are they necessary? Does this account appear on the Financial Statements?3. How are sales to customers using credit cards recorded?4. Please create an example of an Income Statement for a merchandising business.

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