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QUESTION
Accounts payable would be on the balance sheet. Discounts lost expense would be an extra expense on the income statement . Cash would be on asset...
Accounts payable would be on the balance sheet. Discounts lost expense would be an extra expense on the income statement . Cash would be on asset section of the balance sheet. The expense going to retained earnings is just a way to close out the books at the end of a period. (c) Which of the two methods do you prefer and why?
