The credit terms offered to a customer by a business firm are 3/10 n/30 which means that
A) the customer must pay the bill within 10 days.
B) the customer can deduct a 3% discount if the bill is paid between the 10th and 30th day from the invoice date.
C) the customer can deduct a 3% discount if the bill is paid within 10 days of the invoice date.
D) two sales returns can be made within 10 days of the invoice date and no returns thereafter.
Correct Answer:
Verified
Q92: Ayala Company sells merchandise on account for
Q93: Sales revenue
A) may be recorded before cash
Q94: The Sales Returns and Allowances account is
Q95: When goods are returned that relate to
Q96: The collection of a $1400 account after
Q98: A Sales Returns and Allowances account is
Q99: The journal entry to record a credit
Q100: Sales revenues are usually considered earned when
A)
Q101: When the physical count of Barr
Q102: With respect to the income statement
A) contra-revenue
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents