The credit terms 4/10, n/30 are interpreted as: O 4% cash discount if the amount is paid within 10 days, or the balance due in 30 days O 10% cash discount if the amount is paid within 4 days, or the balance due in 30 days. O 30% discount if paid within 4 days. O 40% discount if paid within 10 days. 25 pts Sales returns: Refer to merchandise that customers return to the selle for a refund. Refer to coupons applied in the selling price of merchandise sold to customers. Represent cash discounts. Represent trade discounts. The credit terms 4 n 10'30 are interpreted as: 4% 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 4 days, or the balance due in 30 days. 30% discount if paid within 4 days. 40% discount if paid within 10 days.

The credit terms 4/10, n/30 are interpreted as: O 4% cash discount if the amount is paid within 10 days, or the balance due in 30 days O 10% cash discount if the amount is paid within 4 days, or the balance due in 30 days. O 30% discount if paid within 4 days. O 40% discount if paid within 10 days. 25 pts Sales returns: Refer to merchandise that customers return to the selle for a refund. Refer to coupons applied in the selling price of merchandise sold to customers. Represent cash discounts. Represent trade discounts. The credit terms 4 n 10'30 are interpreted as: 4% 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 4 days, or the balance due in 30 days. 30% discount if paid within 4 days. 40% discount if paid within 10 days.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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When 25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate? (a) 1.50 (b) 25.00 (c) 26.50 (d) 31.00
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