Introduction: Payment terms of 2/10, n/60 means, pay the bill amount within 10 days and avail a discount of 2%. Else, the entire amount has to be paid within 60 days.
Payment terms of 1/15, n/30 means, pay the bill amount within 15 days and avail a discount of 1%. Else, the entire amount has to be paid within 30 days.
Payment terms of 2/10, n/30 means, pay the bill amount within 10 days and avail a discount of 2%. Else, the entire amount has to be paid within 30 days.
Given: Transactions related to T B, Inc. are provided in the question.
(a)
To prepare: General
(b)
To prepare: The
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