If the company allowed discounts to customers, such an amount should be credited to
A. Loss account
B. Discount account
C. Profit and Loss account
D. Balance sheet
Answer:C
If the company allowed discounts to customers, such an amount should be credited to
A. Loss account B. Discount account C. Profit and Loss account D. Balance sheet
Explanation: The discount allowed by the company is a Loss and to record such effect, the Profit and Loss account is to be credited