2/10, n/45 is credit term that allow for a 2% discount within 10 days of the purchase and no discount at all within 45 days of the date of the purchase True False 5/10, n/30 is a credit term that allow for 5% discount within the period of 10 days True False This is a required question

Exercise 8-11 (Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3] [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 170 units to Thomas Company on November 17, 2021. The units have a list price of $600 each, but Thomas was given a 20% trade discount. The terms of the sale were 3/10, n/30. Thomas uses a perpetual inventory system. Exercise 8-11 (Algo) Part 3 3. Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26, 2021 and December 15, 2021 using the net method of accounting for purchase discounts. X Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 3A Reg 3B Prepare the journal entry for the payment, assuming instead that it was made on December 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit…

what is the Credit for partial payment knowing that information?

PARRISH Pg. 173  PURCHASE DISCOUNTS INVENTORY NET METHOD Please explain the following transactions for periodic and perpetcual Discounts using the Net Method.   Receipt of Invoice Periodic Dr.     Purchases                  980 Cr.                Accounts Payable 980 Perpetual Dr.      Inventory  980 Cr.              Accounts Payable  980 Payment within discount period Periodic Dr.        Accounts Payable      980 Cr.                            Cash              980 Perpetual Dr.   Inventory          980 Cr.                 Cash          980 Payment after discount period Periodic Dr.      Accounts Payable 980 Dr.      Interest Expense  20 Cr.                  Cash                1000 Perpetual Dr. Accounts Payable       980 Cr.           Interest Expense           20 Cr.           Cash                                                                                                                                                    1000