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ChatGPT 2

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12 views

ChatGPT 2

Uploaded by

aadityaprashant4
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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bonds are

issued at a
New chat ChatGPT 3.5
discount.

Discount on Contra Similar to A promissory note with a


Notes Liability bonds, face value of $10,000
Payable represents issued at $9,800 would
difference have a Discount on
between face Notes Payable of $200.
value and
amount
received when
notes are issued
at a discount.

Discount on Contra Reflects Offering a 2% discount


Trade Asset discounts given to customers paying
Receivables for early within 10 days would
payment of create a Discount on
trade Trade Receivables
receivables. reducing the total
accounts receivable
outstanding.

Sales Contra Reduces sales A customer returning


Returns and Revenue revenue to $1,000 worth of
Allowances account for merchandise would be
expected recorded as Sales
returns or Returns and Allowances,
allowances reducing total sales
granted to revenue by $1,000.
customers.

Notes:
Type: Indicates whether the contra account is classified as a

Sign up or log in Contra Asset (reduces asset values), Contra Liability (reduces
Get smarter responses, upload files liability values), or Contra Revenue (reduces revenue values).
and images, and more.
Purpose: Describes the function of each contra account in
Sign up adjusting related accounts for more accurate financial
Message ChatGPT
Log in
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ChatGPT can make mistakes. Check important info.

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