George4Tacks
Level 15
01-24-2022
02:32 PM
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"the purchase price for an item is an adjustment in purchase price, not an accession to
wealth, and is not includible in the buyer’s gross income."
Since you have adjusted the purchase price of your cost of goods sold, supplies, etc. you really do not have to make any entry on the balance sheet. If you have not adjusted the purchase price, then you do have an income to enter as "Other Income" = "Taxable rebates".
Answers are easy. Questions are hard!