A discount received is the reverse situation, where the buyer of goods or services is granted a discount by the seller. The examples just noted for a discount allowed also apply to a discount received. Sales discounts are not technically expenses because they actually reduce the price of a product. As you can see, full...Read More

Content How to Monitor Inventory What is the difference between the periodic inventory and perpetual inventory systems? Disadvantages of Perpetual Inventory System Periodic Inventory Cloud Retail Software The Benefits of a Periodic Inventory System Perpetual Weighted Average Costing However, larger businesses need to track inventory movement in real time, account for COGS, and have access...Read More