Credit terms of 2/10 n/30
WebOn November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10? Accounts Receivable 8,000 Sales Revenue 8,000 What key piece of legislation was passed in response to corporate accounting scandals by Enron, WorldCom, and others? sarbanes … WebQuestion: The credit terms 2/10, n/30 are interpreted as: 2% cash discount if the amount is paid within 10 days, or the balance due in 30 days. 10% cash discount if the amount is paid within 2 days, or the balance due in 30 days. 30% discount if paid within 2 days. 30% discount if paid in 10 days. A company purchased $4,000 worth of merchandise.
Credit terms of 2/10 n/30
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WebExpert Answer. Novak's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,010 from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle ... Web- The credit terms 2/10, n/30 are interpreted as: Multiple Choice. 2% cash discount if the amount is paid within 10 days, or the full balance due in 30 days. 10% cash discount if the amount is paid within 2 days, or the full balance due in 30 days. 30% discount if paid within 2 days. 30% discount if paid within 10 days. 2% discount if paid ...
WebTerms in this set (15) May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $120 added to the invoice. May 3. Merch Inv 4,040 A/P- Floyd Co. 4,040 5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB destination, 1/10, n/30. WebWhich of the following correctly describes credit terms of 2/10, n/30? Multiple Choice A)A two percent discount for early payment is available if the invoice is paid before the tenth day of the month following the month the sale.
WebDec 4, 2024 · What Does 2/10 Net 30 Mean? 2/10 Net 30 refers to the trade credit offered to a customer for the sale of goods or services. 2/10 net 30 means that if the amount due is paid within 10 days, the customer will enjoy a 2% discount. Otherwise, the amount is due in full within 30 days. Example of a Trade Credit
WebBusiness Accounting GRAPEFRUIT Co. Uses the NET method to record sales made on credit. On June 10, 2024, it made sales of ₱100,00 with terms 2/10, n/30 to FIG Farms, Inc. On June 19, 2024, GRAPEFRUIT received payment for 1/2 the amount due from FIG Farms. GRAPEFRUIT’s fiscal year end is on June 30, 2024. What amount will be …
WebBuild faster with Marketplace. From templates to Experts, discover everything you need to create an amazing site with Webflow. 280% increase in organic traffic. “Velocity is crucial in marketing. The more campaigns we can put together, the more pages we can create, the bigger we feel, and the more touch points we have with customers. end with careWebQuestion: 6 Sold 10 bicycles from the October 1 inventory to Team America for $250 each, terms 2/10, n/ 30 . 7 Recsived credit from the Nixon Eicycle Company for the return of 8 defactive bicyeles. 13 Issued a credit memo to Team Ameriea for the raturn of a defective bicycie. 14 Paid Nixon Bicycle Compamy in full, less discount. end with orWebPayment terms: 2/10 net 30 Discount period: 10 days Begin counting days from the invoice date. A quick formula is 100% – discount % x invoice … end with or end inWebView the full answer. Transcribed image text: 9) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. dr christopher pray pittsburghWeb1) Meteor Company purchased inventory on March 4, 2024, at a price of $50,000, subject to credit terms of 2/10, n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system. Required:1. Prepare the journal entry to record the purchase. 2. end with new line in pythonWebNovak's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,010 from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,240. dr christopher price npiWebWhat Does 2/10, Net 30 Mean? What is the definition of 2/10, net 30 credit terms? This is the cash discount terms for a credit transaction. 2/10 represents a 2 percent discount when payment is made to the supplier within 10 days of the credit sale. end with a whimper