What entries are needed to post the monthly totals from the discount allowed and discount received columns of the cash book?
- Adiscount allowed: credit discount allowed account; discount received: debit discount received account
- Bdiscount allowed: credit income statement; discount received: debit income statement
- Cdiscount allowed: debit discount allowed account; discount received: credit discount received account
- Ddiscount allowed: debit income statement; discount received: credit income statement