Purchases Discount

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Purchases Discount is a contra-cost account in the general ledger that records discounts offered by vendors of merchandise for prompt payment of purchases by buyers.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Purchases Discount. A contra-cost account in the general ledger that records discounts offered by vendors of merchandise for prompt payment of purchases by buyers.

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