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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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What is the meaning of (a) 1/15, n/60; (b) n/30; (c) n/eom?

(a)

To determine

Credit Terms: Credit terms are the terms of payment offered by the seller to the buyer.

To define: The meaning of (a) 1/15, n/60; (b) n/30; (c) n/eom

Explanation

 1/15, n/60 refers to the sales discount given to the buyer by the seller in case of prompt payment. 1/15, n/60 means the following:

  • “1” is the discount percentage offered to the purchaser by the seller...

(b)

To determine

To define: The meaning of  (b) n/30.

(c)

To determine

To define: The meaning of (c) n/eom

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