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An example of a credit entry in a profit and loss account is

Accounts - Principles of Accounts
WAEC 2014

An example of a credit entry in a profit and loss account is

  • A. carriage inwards
  • B. carriage outwards
  • C. discounts allowed
  • D. discounts received
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Correct Answer: Option D
Explanation

Discount  received  appear as a credit on  the Profit and Loss Account. Basically, the cash discount received journal entry is a credit entry because it represents a reduction in expenses.

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