A buyer who purchases merchandise under credit terms of 1/10, n/30 has 30 days after the invoice date to take advantage of the sales discount.
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A buyer who purchases merchandise under credit terms of 1/10, n/30 has 30 days after the invoice date to take advantage of the sales discount.
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- A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldYou purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate (a) the last day of the discount period, and (b) the last day of the credit period.You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and (b) the last day of the credit period.
- How do you find the date goods received, last day of the discount period, and end of credit period when the invoice date is April 10 and the terms are 2/10, 1/30, and n/60?How do you find the date goods are received, last day of discount, and end of credit period when the invoice is November 27 and the terms are 2/10 EOM?You purchase goods with a net price of $240. The invoice is dated October 7 with terms of 3/20, n/45. Determine (a) the cash discount, (b) the net amount due if paid within the discount period, (c) the last day of the discount period, and (d) the last day of the credit period.
- The credit terms offered to a customer by a Merchandise Business are 2/10, n/30, which means that a. The customer can deduct a 2% discount if the bill is paid within 30 days of the invoice date. The customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. The customer must pay the bill within 10 days. d. The customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the transaction. Unless otherwise specified, the net date is 20 days after the discount date. Date of Invoice Terms of Sale Discount Date Net Date February 13 2/10, 60 ExtraPLEASE SHOW ALL WORK You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period:
- Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the transaction. Unless otherwise specified, the net date is 20 days after the discount date. Date of Invoice Terms of Sale Discount Date Net Date September 28 3/15, EOM ---Select--- January February March April May June July August September October November December ---Select--- January February March April May June July August September October November DecemberPLEASE SHOW ALL WORK You purchase goods on an invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and (b) the last day of the credit period.A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? Assume the perpetual inventory system is used.