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