College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 9, Problem 5QY

What does the “2” in 2/10, n/30 mean?

  1. a. Pay in 2 days to ensure early payment
  2. b. 2% discount for early payment within 10 days
  3. c. 2% extra payment due if paid between 10 days and 30 days
  4. d. $2 discount if paid within 10 days
  5. e. None of the above
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What does​ "2/10" mean, with respect to​ "credit terms of​ 2/10, n/30"?         A. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date.   B. Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice.   C. A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date.   D. Interest of 10 percent will be charged if invoice is paid after two days.
Which of the following terms of trade credit is the more expensive? a. A 3 percent cash discount if paid on the 15th day with bill due on the 45th day (3/15, net 45) b. A 2 percent cash discount if paid on the 10th day with the bill due on the 30th day (2/10, net 30)
Calculate the nominal annual cost of no free trade credit under each of the following terms. Assume that payment is made either on the discount date or on the due date. a. 1/15, net 20 b. 2/10, net 60 c. 3/10, net 45 d. 2/10, net 45 e. 2/15, net 40

Chapter 9 Solutions

College Accounting (Book Only): A Career Approach

Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...
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