Is allowance for settlement discount allowed an expense or liability? is allowance for settlement discount received...
Homework Answers
Allowance for settlement discount is allowed as an expense.
- Discount Allowed is normally given for early receipts from the customer.Such amount is not recoverable from the customer hence it has to be expensed out.
Allowance for settlement discount received is an income.
- Discount received is normally amount received from creditor for early payment.Such amount is not payable hence it is recognised as income.
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allowance for settlement discount allowed an expense or
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