Question on: JAMB Accounting - 2024
When discount is allowed, the accounting entry is debit discount allowed account and credit ____ account
A
suspense
B
expense
C
creditor
D
debtor
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Correct Option: D
When a discount is allowed to a debtor, it reduces the amount owed. The correct entry is:
Debit Discount Allowed (expense)
Credit Debtor account
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