College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
What does the “2” in 2/10, n/30 mean?
- a. Pay in 2 days to ensure early payment
- b. 2% discount for early payment within 10 days
- c. 2% extra payment due if paid between 10 days and 30 days
- d. $2 discount if paid within 10 days
- e. None of the above
Identify the correct option that denotes “2” in 2/10, n/30.
Sales discount:
It refers to the amount given as concession to the buyer by the seller for prompt payments
Credit terms:
It refers to the terms of payment offered by the seller to the buyer.
2/10, n/30 refers to the sales discount given to the buyer by the seller in case of prompt payment. 2/10, n/30 means the following:
- “2” is the discount percentage offered to the purchaser by the seller.
- “10” refers to the number of days available for the buyer to pay and take advantage of the discount...
Chapter 9 Solutions
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