Credit terms of 1/10,n/30 mean that:
A) 1% discount is allowed if the bill is paid within between 10 and 30 days.
B) a 1% discount is allowed if the bill is paid within 30 days.
C) a 1% discount is allowed if the bill is paid after 10 days.
D) a 1% discount is allowed if the customer pays the bill within 10 days,or the entre amount is due within 30 days.
Correct Answer:
Verified
Q2: Net sales equal
A) gross sales.
B) gross sales
Q3: A contra-revenue account with a debit balance
Q4: The time frame when customers are allowed
Q5: Lisa's Blankets and Bedding had a sale
Q6: Hardware Restoration reports net sales of $50,000.If
Q8: A characteristic of the account,Sales Discount,is:
A)debit balance.
B)contra-revenue
Q9: The length of time the customer is
Q11: Merchandise is:
A)the same as inventory.
B)an asset.
C)the same
Q12: The liability account used to record sales
Q93: The normal balance of the Sales Returns
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