Which of the following is correct?
A. Purchases Discounts is a contra expense account and carries a credit balance
B. Purchases Discounts is an expense account and carries a debit balance
C. Purchases Discounts is an asset account and carries a credit balance
D. Purchases Discounts is an expense account and carries a credit balance
Answer: A
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.