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. 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 …
2/10 Net 30 - Meaning, Formula To Calculate, Examples
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. Web2) 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 … is bandanas open on fourth of july
2/10 Net 30 - Understand How Trade Credits Work in …
WebJun 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 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. 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. one day london