Author Question: Trade discounts represent a reduction in the price of the merchandise and should not be entered in ... (Read 31 times)

rachel9 · **on:** Jul 5, 2018

Trade discounts represent a reduction in the price of the merchandise and should not be entered in the accounts of either the seller or the buyer.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A company that uses the first-in, first-out method of valuing cost of goods sold must sell its older inventory before selling any of its newer inventory, even though some of the newer items may be more accessible.

Indicate whether the statement is true or false