Credit terms of 2/10,n/30 indicate that a discount of 2% will be given if payment is made within 10 days of the invoice date.Otherwise,the total invoice amount is due within 30 days of the invoice date.
Correct Answer:
Verified
Q41: Which of the following entries would be
Q42: An invoice of $1,000 for merchandise purchased
Q43: When a company uses the perpetual inventory
Q44: The terms of an invoice are 3/10,n/25.This
Q45: Centennial Company sold goods on credit terms
Q47: A company that uses the perpetual inventory
Q48: Credit terms of a merchandising company are
Q49: Under the perpetual inventory system,when a purchaser
Q50: Purchase discounts are calculated on the amount
Q51: The Merchandise Inventory account is an expense
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