ZuoTi.Pro
Question

The buyer received an invoice from the seller for merchandise with a list price of $400...

The buyer received an invoice from the seller for merchandise with a list price of $400 and credit terms of 2/10, n/60. What is the number 10 in the credit terms?

a

Credit period.

b

Discount period

c

Sales discount.

d

Cash discount allowed.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

SOLUTION:

n/60 is the credit period.

Number 10 is the discount period.

Therefore, option B is the correct.

0 0
Add a comment
Know the answer?
Add Answer to:
The buyer received an invoice from the seller for merchandise with a list price of $400...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Santa Fe Retailing purchased merchandise “as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.

     Santa Fe Retailing purchased merchandise “as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list 1 Record Santa Fe Retailing's purchase of merchandise...

  • 4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe...

    4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,300. The merchandise had cost Mesa $16,573. Assume that both buyer and seller use a perpetual inventory system and the gross method. ints 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and...

  • 4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe...

    4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,300. The merchandise had cost Mesa $16,573. Assume that both buyer and seller use a perpetual inventory system and the gross method. ints 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and...

  • Check my work 4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1,...

    Check my work 4 Exercise 4-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,300. The merchandise had cost Mesa $16,573. Assume that both buyer and seller use a perpetual inventory system and the gross method. ints 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the...

  • Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $20,100

    Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $20,100. The merchandise had cost Mesa $13,708. Assume that both buyer and seller use a perpetual inventory system and the gross method.Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount periodPrepare entries that the seller records for the (a) sale, (b)...

  • Exercise 4-16A Recording sales, purchases, and discounts: buyer and seller- periodic LO P5 Santa Fe Retailing...

    Exercise 4-16A Recording sales, purchases, and discounts: buyer and seller- periodic LO P5 Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $27,700. The merchandise had cost Mesa $18,891. Assume that both buyer and seller use a periodic inventory system and the gross method. 1. Prepare entries that the buyer should record for (a) the purchase, (b) cash payment within the discount period, and (c)...

  • Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000.

     Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the difcount perlod, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a)...

  • Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms...

    Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $23,300. The merchandise had cost Mesa $15,891. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for...

  • A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point wit...

    A sales invoice included the following information: merchandise price, $7,700; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,200 added to the invoice. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a.$990 b.$7,833 c.$9,813 d.$8,823

  • required 1: prepare entries that the buyer records for the (a) purchase, (b) cash payment within...

    required 1: prepare entries that the buyer records for the (a) purchase, (b) cash payment within discount period, and (c) cash payment after discount period. Required 2: prepare entries the seller records for the (a) sale, (b) cash collection within discount period, and (c) cash collection after the discount period Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10,n/60 and an invoice price of $20,400. The merchandise had cost Mesa $13,913....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT