Credit terms of 3/15, n/30 mean that:
A) a 3% discount is allowed if the bill is paid within between 15 and 30 days.
B) a 3% discount is allowed if the bill is paid within 30 days.
C) a 3% discount is allowed if the bill is paid before the 15th day of the following month.
D) a 3% discount is allowed if the customer pays the bill within 15 days, or the entry amount is due within 30 days.
Correct Answer:
Verified
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A) net sales minus sales
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Q7: A characteristic of the account, Sales Discount,
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Q10: Sales Tax Payable is a:
A) liability account
Q11: The length of time the customer is
Q12: A contra-revenue account with a debit balance
Q13: Reduction given to company customers for early
Q14: The time frame when customers are allowed
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