$\frac{1}{10},\frac{n}{15}$ is interpreted as:

A$)15\%$ discount if paid within $1$ day

B$)10\%$ cash discount if the amount is paid within $1$ day, the balance is due in $15$ days.

C$)1\%$ cash discount if the amount is paid within $10$ days, the balance is due in $15$ days.

D$)15\%$ discount if paid within $10$ days.

Z$-$Mart uses the perpetual inventory system and recorded the following journal entry:

$\backslash$table$[[$Accounts Payable,$2,500],[$Merchandise Inventory,$50],[$Cash$,2,450]]$

The transaction was:

A$)$ A purchase.

B$)$ A return.

C$)$ A return and payment of the account payable.

D$)$ A payment of the account payable and recognition of a cash discount taken.

E$)$ A purchase and recognition of a cash discount taken.

$5.$ In a periodic inventory system, Purchases is a temporary account.

A$)$ True

B$)$ False