Sales discounts with terms 2/10, n/30 mean a. 10 percent discount for payment received within 30 days

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Sales discounts with terms 2/10, n/30 mean

a. 10 percent discount for payment received within 30 days of the date of sale.
b. 2 percent discount for payment received within 10 days or the full amount (less returns) is due within 30 days.
c. Two-tenths of a percent discount for payment received within 30 days.
d. None of the above.

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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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