The Left or Debit Side of a Liability Account Is

question 33

Short Answer

The left or debit side of a liability account is used to record ____________________.

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Definitions:

Discounted Price

The reduced price of a good or service, typically offered for promotions or sales.

Retail Selling Price

The final price at which goods are sold to consumers, including all taxes, markups, and additional costs.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, determining the selling price.

Regular Selling Price

The standard or usual price at which a product is sold to consumers, without any discounts or promotions.