When a sale is made on the following terms "2/10, n/30", customers can get a 10% discount if they pay within 2 days.
True
False
When a sale is made on the following terms "2/10, n/30", customers can get a 10%...
When a credit sale is made with terms of 3/15, n/30 on June 10 and the customer's check is received on June 19, which of the following is true about the June 19 journal entry? The debit to cash will be less than the credit to accounts receivable on June 19. The debit to cash will equal the credit to accounts receivable because the discount was recorded on June 10. There will be a debit to sales discounts on June...
D Question 18 5 pts The credit terms 2/10,n/30 are interpreted as: O 2% discount if paid within 30 days. 10% cash discount If the amount is paid within 2 days, with balance due in 30 days. 30% discount if paid within 10 days. 2% cash discount If the amount is paid within 10 days, with the balance due in 30 days 30% discount if paid within 2 days. Question 19 5 pts Accounts unique to merchandising companies using Perpetual...
Griffin Ltd made a sale of $800 to a customer on terms of 2.5/10, n/30 on 1 July. The account was paid on 8 July. Griffin Ltd would make which of the following postings to the ledger on 8 July? Select one: A. DR Discount expense $20 B. DR Accounts receivable $800 C. CR Discount revenue $20 D. CR Discount expense $20.
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company uses the gross method, which of the following will be included in the journal entry to record customer payment within the discount period? credit Accounts Receivable $40,000 credit Sales Discount $400 credit Sales Revenue $40,000 credit Cash $39,600
Question 6 (1 point) Credit terms of 2/10, n/30 are interpreted as A) 10% discount if paid within 2 days; otherwise the total balance due in-30 days B) 2% discount if paid within 30 days; otherwise the total balance is due in 30 days Oc) 2% discount if paid within 10 days; otherwise the total balance is due in 10 days D) 2% discount if paid within 10 days; otherwise the total balance is due in 30 days
Janna’s Fine Flowers sold 105 dozen roses for $600. Terms of the sale were 2/10,n/30. If the customer pays within the discount period, the amount of the sales discount will be
A sale on March 21 has terms of 1/10 n/30. What date must payment be made in order t take the discount? A. March 31 OB. April 1. O c C. April 30. D. April 10.
Which statement is true of an invoice with terms of 2/10 net 30? SELECT ONLY ONE A 2% discount is applied if paid within 30 days Within 10 days, 2% of the invoice must be paid The full amount must be paid within 30 days Payment is required within 10 days A 10% discount is applied if paid within 2 days
A business offers credit terms of 2/15, n/30. These terms indicate that: A. the total amount of the invoice must be paid within 15 days of the invoice date B. the buyer can take a 2% discount if the bill is paid within 30 days of the invoice date C. a discount of 2% can be taken if the invoice is paid within 15 days of the invoice date D. no discount is offered for early payment
What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. Interest of 10 percent will be charged if invoice is paid after two days. B. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. Interest of 2 percent will be charged if the invoice is paid after...