Homework Problems Solved: Purchase Discounts and Purchase Returns and Allowances

In this video, we’ll cover what you need to know about Purchase Discounts and Purchase Returns and Allowances. These accounts are Contra Expense accounts and can be a little tricky. We’ll cover how to record journal entries for both the periodic and perpetual inventory system. See the image below for the examples covered in this video.

Video length in minutes: 9:56

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