4. A credit sale of $1000 is made on April 25, terms 3/10, n/30, on which...

4. A credit sale of $1000 is made on April 25, terms 3/10, n/30, on which a return of $50 is granted on April 28. What amount is received as payment in full on May 4?

6. Company X sells $500 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's check?

7. Holt Company sells merchandise on account for $4,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $500 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?

Expert Solution

ekkarill92 answered 2 years ago

What do the following credit terms mean? 1. n/30 2. 2/10, n/30 3. n/10 EOM 4....

What do the following credit terms mean? 1. n/30 2. 2/10, n/30 3. n/10 EOM 4. n/20 5. 1/10, n/20 6. 3/5, n/30 7. n/15 EOM Have you seen any of these in your work place?

Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $1,050 (cost of...

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Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,355 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $700. 6 Received $55 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full....

Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to...

Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,840 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,050. The cost of the merchandise sold was $700. 6 Received $40 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full....

The credit terms, 2/10, n/30, indicate that a: Select one: a. 10% discount can be deducted...

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a company sells merchandise to a customer for $1000 with terms 2/10.n/30 on january 1. what...

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After the amount due on a sale of $85,750, terms 3/10, n/eom, is received from a...

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In credit terms of 3/15, n/45, the "3" represents the

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12. A company purchased $1,500 of merchandise on credit with terms 3/15, n/30. How much will...

12. A company purchased $1,500 of merchandise on credit with terms 3/15, n/30. How much will be debited to Accounts Payable if the company pays $485 cash on this account within ten days? A. $485; B. $500; C. $435; D. $470.45 13. A corporation uses a FIFO perpetual inventory system. During August, it had the following transactions: August 1, Beginning inventory of 8 units @ $11 per unit August 2, 25 units were purchased at $12 per unit. August 15,...

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