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. 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.
Solved Explain what the credit terms of 2/10,n/30 mean. - Chegg
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. 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 rule-a-matic float switch 35a
Solved The credit terms 2/10, n/30 are interpreted as: 2
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. WebExplanation of 2/10, n/30 credit terms Indication "2/10, n/30" (or "2/10 net 30") on an invoice represents a cash (sales) discount provided by the seller to the buyer for prompt payment. The term 2/10, n/30 is a typical credit term and means the following: "2" shows the discount percentage offered by the seller. 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 ... scarred tissue