What is a sales discount? Use 1/10, n/30 in your explanation.
Answer to relevant QuestionsIn response to the weak economy, your company’s sales force is urging you, the sales manager, to change sales terms from 1/10, n/30 to 2/10, n/45. Explain what these terms mean and how this switch could increase or ...What is the main distinction between perpetual and periodic inventory systems? Which type of system provides better internal control over inventory? Explain why. Inventory that cost $ 500 is sold for $ 700, with terms of 2/10, n/30. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable assuming that it occurs during the discount ...Explain whether the following items should be included in the inventory of The Knot, Inc., a company that arranges and supplies wedding services for couples and other wedding consultants. a. Goods are being held by The Knot ...PC Mall, Inc., is a direct marketer of computer hardware, software, peripherals, and electronics. In a recent annual report, the company reported that its revenue is “recognized upon receipt of the product by the ...
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