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For whom are the trade discounts given to? And who gives the trade discounts?

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When will the customers get the trade discounts? Where can they get the trade discounts?

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Why are the trade discounts given?

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How will the business/ customers benefit from the trade discount?

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Class activity 2: Please refer to the document and answer the following questions.

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Class activity 2: Please refer to the document and answer the following questions.

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Class activity 2: What is the journal entry the accountant will pass on 1 Jan 2022

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Class activity 2: What is the journal entry the accountant will pass on 1 Jan 2022

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Hint:
1. What is the total listed price of the inventories?
2. What is the invoiced amount after trade discounts are given (amount credit customers are obliged to pay) ?

(record sales revenue only since the cost of sales is not given)

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Answer the following questions:
1. What is the term and condition for the customer to enjoy a further 5% cash discount?
2. How much cash discount will the customer received if she pays within 15 days?

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Class activity 2: what is the journal entry the accountant will pass if the customer paid on 10 Jan 2022

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Class activity 2: what is the journal entry the accountant will pass if the customer paid on 10 Jan 2022

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Hint: 3 accounts affected

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Class activity 2:                                                                     

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Class activity 2:                                                                     

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Think and answer the following questions:
1 . why do you think the business still gives cash discount even after giving trade discount?        2. Will the business still makes profit after giving both trade and cash discounts?