Is purchase discount an asset or liability? 1.03K viewsMarch 29, 2021Accounting 0 Lynch December 2, 2012 0 Comments How should I account for purchase discounts? It is an asset, a liability or is it only posted in the income statement to reduce the purchase price? 2 Answers ActiveVotedNewestOldest 0 Andrew211 Posted May 4, 2013 0 Comments It’s deducted from the cost of sales (a credit) and it’s an asset if you are still waiting to receive it. You are viewing 1 out of 2 answers, click here to view all answers. Register or Login Search for:
