Question: What do the terms 2/10, n/30 mean?

What do the terms 2/10, n/30 mean?

Step by Step Solution

★★★★★

3.47 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The terms 210 n30 mean that the customer ei... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Integrated Accounting Questions!

Q:

Clayton Computers was started in 2014. The company experienced the following accounting events during its first year of operation. 1. Started business when it acquired $25,000 cash from the issue of...

Q:

What do the terms 2/10, n/30 mean? If you were advising a company who bought goods under these terms, what would you advise it to do with respect to payment? Why?

Q:

Expert Computers was started in 2018. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $40,000 cash from the issue of...

Q:

Exercise A For each account, identify the account type, normal balance, how to increase and decrease the account using Debit or Credit and how is the account used (by buyer, seller, or both). Account...

Q:

Spencer Sporting Goods Company engaged in the following transactions in April: Apr. 1 Sold merchandise on account for $ 2 8 8 , 0 0 0 ; terms 2 / 1 0 , n / 3 0 , FOB shipping point, purchased for $ 2...

Q:

On March 1 7 , Fox Lumber sells materials for $ 1 2 , 0 0 0 with terms 2 / 1 0 , n / 3 0 . The terms " 2 / 1 0 , n / 3 0 " mean that the buyer can take a 2 % discount if payment is made within 1 0...

Q:

please answer number 6 and below Accounting Practice Discussion Questions 1. What accounts appear on the financial statements of a merchandiser that do not appear on those of a service-oriented...

Q:

Some accounting questions, mostly simple multiple choice and 3 short answers. 1. Sales discounts with terms 2/10, n/30 mean: a. 10 percent discount for payment within 30 days. b. 2 percent discount...

Q:

CHAPTER 6 Reporting and Interpreting Sales Revenue, Receivable 13. Why should cash-handling and cash-recording activities be separated? How is this separation accomplished? 14. What are the purposes...

Q:

What do the terms 2/10, n/30 mean? If you were advising a company who bought goods under these terms, what would you advise it to do with respect to payment? Why?

Q:

Washington Mining began operations by issuing common stock for $150,000. The company paid $135,000 cash in advance for a one-year contract to lease machinery for the business. The lease agreement was...

Q:

How can technology development of a real estate industry impact the risks of material misstatements in specific financial statement accounts or disclosures? Also, kindly specify the technology...

Q:

How does nonverbal communication help people understand each other? How can nonverbal cues be negative, especially in the workplace?

Q:

=+z explain the major benefits and potential difficulties of using the bCg and ge-McKinsey matrices.

Q:

For each of the definitions, unite the letter of the appropriate term in the space provided. 1_The revenue account used to record a sale. 2-The revenue account used to record a sales return. 3-Window...

Q:

What is the reorder point for the ICY 20 CF. Freezer?

Q:

Make use of the data in Sample Problem 5-S to describe the integration that would take place when the following transaction is entered into the computer: Returned2 S by S 19 CF. Refrig, at $500.00...

Q:

L Section 2: Answer ALL questions (This section evaluates CLO2: Cognitive 6) AJV is a year-old experience service business that is in a bad shape. Complaints are looming, customers are not coming...

Q:

q30. Which of the following is an example of someone who would be part of a person's secondary membership group? a. a schoolmate b. a neighbour C. parents of a child's friend d. fellow member of a...

Q:

(1 point) A random sample of 10 observations was drawn from a large normally distributed population. The data is below. 20 25 24 20 22 22 26 21 18 25 Test to determine if we can infer at the 4%...