To intensify the collection of receivables, Kate's Trading offered 2/10, n/30 to customers. What discount is being offered by the company? purchase discount cash discount sales discount trade discount
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To intensify the collection of receivables, Kate's Trading offered 2/10, n/30 to customers. What discount is being offered by the company?
purchase discount
cash discount
sales discount
trade discount
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- If NetSolutions sells a customer some products on account (accounts receivable) and offers a discount for early payment of the customers accounts receivable within the credit period, the discount is called a _________________________________. Group of answer choices trade discount purchases discount sales discount sales allowancePurchase stationery for resale from L wholesalers on credit 500 ,which account debit and which one I credit?A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? Assume the perpetual inventory system is used.
- NOTES RECEIVABLE DISCOUNTING Madison Graphics had the following notes receivable transactions: REQUIRED Record the transactions in a general journal.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 15A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500
- A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldImportant Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period a. b. Merchandise (gross) $ S C. $ d. $ 7,800 24,200 80.600 17,000 Terms 2/10, n/60 1/15, n/90 1/10, n/30 3/15, n/45 PaymentSuppose a certain appliance store purchases the following items. Calculate the extended total after the trade discounts for each line, the invoice subtotal, and the invoice total. (Round your answers to the nearest cent.)
- 1.A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? $1.200 $2.500 $50 $1.2501. Which one of the following stores offers the best credit terms if you do not plan on taking the discount? STORE CREDIT TERMS A 1/10, net 20 2/10, net 10 1/15, net 45 2/15, net 30 C. 2. What if you plan on taking the discount?Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
