Lalli Corp.sold merchandise to a customer on credit.The invoice amount was $1,000;the invoice date was June 10;credit terms were 1/10,n/30.Which one of the following statements is true?

Question

Quizplus · Accepted Answer

According to the credit terms mentioned, the customer can take a 1% discount if the invoice is paid within 10 days (by June 20). If not, the full amount of $1,000 is due within 30 days (by July 10). Therefore, if the customer pays on July 9, they should pay the full amount of $1,000.