Credit terms of "2/10,n/30" mean that if payment is made in two days,a 10% discount may be taken; if not paid within two days,the full invoice price will be due in thirty days.
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Q4: Only companies that use a periodic inventory
Q5: Recording sales returns and allowances in a
Q6: In a perpetual inventory system,only one journal
Q7: "Shrinkage" is another term for inventory loss
Q8: Reductions in the selling price of merchandise
Q10: Operating activities involve both inflows and outflows
Q11: Perpetual inventory systems often use technology such
Q12: The Sales Returns and Allowances account balance
Q13: Sales discounts are offered to delay payments
Q14: Customers are the biggest source of shrinkage
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