The cost of discounts on credit terms of 3/10, n/45 is a. 31.78% b. 31.48% c. 20.99% d. 30%
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- Which of the following numbers represents the discount percentage applied if a customer pays within a discount window and credit terms are 3/15, n/60? A. 3 B. 15 C. 60 D. 3 and 159. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a a. debit to Sales Discounts for $300 b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $20,100. What is the amount of sales discount allowable?
- 29)The entry to record the receipt of payment within the discount period on a sale of $2,000 with terms of 3/15, n/45 will include a A)credit to Accounts Receivable for $2,000. B)credit to Sales Discounts for $60. C)debit to Sales Revenue for $1,940. D)credit to Sales Revenue for $2,000.10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800In the credit terms 1/10, n/30, what does the "1" represent? Group of answer choices number of days when the entire amount is due number of days in the discount period full amount of the invoice 1% cash discount if paid within the credit period
- 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)11)The collection of a $3,500 account within the 4 percent discount period will result in a a)debit to Accounts Receivable for $3,360 b)credit to Cash for $3,360. c)debit to Sales Discounts for $140. d)credit to Accounts Receivable for $3,360.Wyatt Oil extends credit on terms of 1/15, net 30. The percentage of Wyatt's receivables that are past due is closest to: A) 20.1% B) 32.1% C) 38.3% D) 42.2%
- 49. An entry is made to close purchases and purchase discounts as:Account A 35,000Account B 1,600Account C 36,600Based on this entry, total (gross) purchases for the year were:a. 36,600b. 35,000c. 1,600d. Undeterminable, given the preceding information6. The purchasing document should also specify when payment is due. This is usually expressed as a net number of days, such as Net 30 or Net 45. A discount period may be included where the supplier specifies the amount of the discount as well as the number of days the buyer can make payments and still earn the discount. The discount period is often expressed as a formula: 2/20 Net 45The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.
