Sales Discounts
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Sales Discount account is a contra-revenue account that records cash discounts granted to customers for payments made within a specific period of time.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Sales Discount account. A contra-revenue account that records cash discounts granted to customers for payments made within a specific period of time.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
