This Order Allowing Accounts is an official document from the Michigan State Court Administration Office, and it complies with all applicable state and Federal codes and statutes. USLF updates all state and Federal forms as is required by state and Federal statutes and law.
Order Allowed Account Format
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How to fill out Michigan Order Allowing Account(s)?
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FAQ
First, a large letter T is drawn on a page. The title of the account is then entered just above the top horizontal line, while underneath debits are listed on the left and credits are recorded on the right, separated by the vertical line of the letter T. A T-account is also called a ledger account.
Discount allowed must be recorded both vendor and buyer's journal. In Vendor book, it is treated as discount allowed and this cash discount will become loss of business and in the day book of buyer, it will become discount received account which income account.
Comparsion of Journal Entry Discount ReceivedDiscount AllowedRavi Dr 10,000 To cash A/c 9,500 To discount Received A/c 500 (being cash paid to Ravi and discount received)Cash Dr 9,500 Discount Allowed A/c 500 To Ramesh 10000 (Being cash received and discount allowed)3 more rows
The discount allowed is accounted for as an expense of the seller. Hence, it is debited while making accounting entries. It has 3 major types, i.e., Transaction Entry, Adjusting Entry, & Closing Entry.
Discount allowed is an expense/loss for the company as its settling the accounts of the debtors at lesser price. Hence, it will debited in the P & L A/c as all expenses and losses are debited.