Sales discount refers to reduction in the amount due as a result of early payment, hence pertaining to cash discounts. Is Accounting a Good Career Choice? Sales Discount refers to the reduction in the amount due from a customer as a result of early payment. If the customer paid after the discount period has expired, the journal entry to record the collection would simply be:. When a customer is given a discount for early payment, the journal entry for the collection would be:.
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Accounting for sales discounts September 24, / Steven Bragg A sales discount is a reduction in the price of a product or service that is offered by the seller, in exchange for early payment by the buyer. Sales discounts (if offered by sellers) reduce the amounts owed to the sellers of products, when the buyers pay within the stated discount periods. To illustrate a sales discount let's assume that a manufacturer sells $ of products and its credit terms are 1/10, n/ This means that the buyer. Sales discount refers to reduction in the amount due as a result of early payment, hence pertaining to cash discounts. Trade discounts are not recorded as sales discounts. They are removed directly when recording sales. In other words, the amount recorded as sales is always at net of any trade discount.