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What is Gross vs Net Method in Accounting about?

This document compares the gross and net methods for accounting for accounts payable. Under the gross method, purchases and freight in are recorded separately, with the full accounts payable recorded. If paid within the discount period, accounts payable is paid in full and a purchase discount is received. If paid after, accounts payable is paid in full but the purchase discount is lost. Under the net method, purchases and freight in are combined, with the net accounts payable recorded and treated the same a

Author

Cielo MINDANAO

Language

EN