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When customers purchase goods on account, spitz manufacturing offers them a 2% reduction in the amount owed if they pay within 10 days is an example of a sales discount.
Briefly describe a sales discount.
A sales discount is a lower price that a company offers on a good or service. A sales discount usually referred to simply as a "discount," offers clients of a business a lower price on one or more of the goods or services being provided.
The sales discount account reduces overall revenues because it is a contra-revenue account. A reduction in the expense (or asset) related to the transaction, or in a separate account that tracks discounts, is recorded when the buyer receives a discount. If a customer chooses to use a discount on receivables for which they are ineligible, it may have a direct impact on your balance sheet.
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