Credit terms of 2/10 n/30

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August undefined, 2024

WebWexim Toys sold merchandise to a customer on credit, terms 2/10, n/30 for $12,100. Three days later, the customer returned $2,500 of the merchandise. When recording the return transaction, Wexim Toys would record: Debit Sales Returns and Allowances $2,500 and credit Accounts Receivable $2,500 in the general journal. WebDec 4, 2024 · What Does 2/10 Net 30 Mean? 2/10 Net 30 refers to the trade credit offered to a customer for the sale of goods or services. 2/10 net 30 means that if the amount due is paid within 10 days, the customer will enjoy a 2% discount. Otherwise, the amount is due in full within 30 days. Example of a Trade Credit

What do 2/10, n/30 invoice terms mean?

WebNovak's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,010 from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,240. WebWhich of the following correctly describes credit terms of 2/10, n/30? Multiple Choice A)A two percent discount for early payment is available if the invoice is paid before the tenth day of the month following the month the sale. fortnite free v bucks xbox 1

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Web1) Meteor Company purchased inventory on March 4, 2024, at a price of $50,000, subject to credit terms of 2/10, n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system. Required:1. Prepare the journal entry to record the purchase. 2. WebView the full answer. Transcribed image text: 9) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. WebWhat does 2/10, n/30 Mean? “2”: the discount percentage if customers settle payment within discounted period. “10”: the discounted period in which seller provides the cash discount to the customers if payment is made within this... “n/30 or N 30 or Net 30”: is the full credit term that supplier ... fortnite free xp map codes chapter 4 season 2

Answered: GRAPEFRUIT Co. Uses the NET method to… bartleby

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WebTerms in this set (15) May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $120 added to the invoice. May 3. Merch Inv 4,040 A/P- Floyd Co. 4,040 5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB destination, 1/10, n/30. WebWhat Does 2/10, Net 30 Mean? What is the definition of 2/10, net 30 credit terms? This is the cash discount terms for a credit transaction. 2/10 represents a 2 percent discount when payment is made to the supplier within 10 days of the credit sale. fortnite free xp glitch 2022WebAug 13, 2024 · For example, under 2/10 net 30 terms, you would divide 2% by 98% to arrive at 0.0204. This is the interest rate being offered through the credit terms. Multiply the result of both calculations together to obtain the annualized interest rate. fortnite free wildcat skin redeem code

"WebOn November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10? Accounts Receivable 8,000 Sales Revenue 8,000 What key piece of legislation was passed in response to corporate accounting scandals by Enron, WorldCom, and others? sarbanes … " - Credit terms of 2/10 n/30

Credit terms of 2/10 n/30

WebQuestion: 6 Sold 10 bicycles from the October 1 inventory to Team America for $250 each, terms 2/10, n/ 30 . 7 Recsived credit from the Nixon Eicycle Company for the return of 8 defactive bicyeles. 13 Issued a credit memo to Team Ameriea for the raturn of a defective bicycie. 14 Paid Nixon Bicycle Compamy in full, less discount. WebPayment terms: 2/10 net 30 Discount period: 10 days Begin counting days from the invoice date. A quick formula is 100% – discount % x invoice …

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WebQuestion: Explain what the credit terms of 2/10,n/30 mean. (Check all that apply.) Multiple select question. The full payment is due within 10 days. The buyer can take a discount of 10% if the invoice is paid with 30 days of the invoice date. The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. WebAnswer: The credit terms 2/10, n/30 means that the customer can take a 2% discount if they pay within 10 days, otherwise, the full amount is due in 30 … View the full answer Previous question Next question

WebGRAPEFRUIT Co. Uses the NET method to record sales made on credit. On June 10, 2024, it made sales of ₱100,00 with terms 2/10, n/30 to FIG Farms, Inc. On June 19, 2024, GRAPEFRUIT received payment for 1/2 the amount due from FIG Farms. GRAPEFRUIT’s fiscal year end is on June 30, 2024. WebExpert Answer. Novak's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,010 from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle ...

WebSales discounts with terms 2/10, n/30 mean: a. 10 percent discount for payment within 30 days. b. 2 percent discount for payment within 10 days, or the full amount (less returns) due within 30 days. c. Two-tenths of a percent discount for payment within 30 days. d. None of the above. Click the card to flip 👆 Web- The credit terms 2/10, n/30 are interpreted as: Multiple Choice. 2% cash discount if the amount is paid within 10 days, or the full balance due in 30 days. 10% cash discount if the amount is paid within 2 days, or the full balance due in 30 days. 30% discount if paid within 2 days. 30% discount if paid within 10 days. 2% discount if paid ...

WebBusiness Accounting GRAPEFRUIT Co. Uses the NET method to record sales made on credit. On June 10, 2024, it made sales of ₱100,00 with terms 2/10, n/30 to FIG Farms, Inc. On June 19, 2024, GRAPEFRUIT received payment for 1/2 the amount due from FIG Farms. GRAPEFRUIT’s fiscal year end is on June 30, 2024. What amount will be …

WebMar 31, 2024 · Credit terms are 2/10,n/30. At March 31, 2024, there is a $1,500 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are ass shown below.Your Show transcribed image text Expert … fortnite free vbux hackWebBuild faster with Marketplace. From templates to Experts, discover everything you need to create an amazing site with Webflow. 280% increase in organic traffic. “Velocity is crucial in marketing. The more campaigns we can put together, the more pages we can create, the bigger we feel, and the more touch points we have with customers. dining room sets with leather chairs dining room sets with leavesWeb2) Bunker Auto Supply purchased inventory on January 4, 2024, at a price of $90,000, subject to credit terms of 4/10, n/30. Bunker uses the gross method for recording purchases and uses a periodic inventory system. Required: 1. Prepare the journal entry to record the purchase. 2.Prepare the journal entry to record the payment of one-half the … fortnite frenzy rewardsWebExplain what the credit terms of 2/10, n/30 mean -The buyer can deduct 2% of the invoice amount if payment is made within 10 days of the invoice date. -The full payment is due within a 30 day credit limit discount period Time period in which a cash discount is available and the buyer can make a reduced payment. dining room sets with marble topWebJun 6, 2024 · Credit Terms: Explanation: Effective Interest: Net 10: Pay in 10 days: None: Net 30: Pay in 30 days: None: Net EOM 10: Pay within 10 days of month-end: None: 1/10 Net 30: Take 1% discount if pay in 10 days, otherwise pay in 30 days: 18.2%: 2/10 Net 30: Take 2% discount if pay in 10 days, otherwise pay in 30 days: 36.7%: 1/10 Net 60 dining room sets with throne chairsWebQuestion: The credit terms 2/10, n/30 are interpreted as: 2% cash discount if the amount is paid within 10 days, or the balance due in 30 days. 10% cash discount if the amount is paid within 2 days, or the balance due in 30 days. 30% discount if paid within 2 days. 30% discount if paid in 10 days. A company purchased $4,000 worth of merchandise. fortnite friend request bot