Difference between a seller and buyer in accounting terms
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A seller generally records sales a the full invoice price, but the buyer often records purchases at net cost. Explain the logic of the buyer and seller recording the transaction at different amounts.
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A seller generally records sales at the full invoice price because the seller needs to record the amount as their revenue in their income statement. This is due to the fact that the seller has no control over whether or not the buyer will make payment during or after the discount period. If payment is made by the buyer during the discount period, ...
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