7- Interpret the following credit terms: 2/10, Net 30.

Select one:

a.20 percent of the balance is due in 30 days.

b.a 2 percent discount can be taken if the balance is paid within 10 days; otherwise, the balance is due in 30 days.

c.a 10 percent discount can be taken if the balance is paid within 2 days; otherwise, the balance is due in 30 days.

d.a 20 percent discount can be taken if the balance is paid with 30 days.

e.20 percent of the balance is due upon receipt, with the remaining balance due in 30 days.

Clear my choice

8- When processing a payment from a customer on an account receivable, the accountant needs at his disposal all of the following except:

Select one:

a.Cash receipts journal

b.Sales invoice

c.Deposit slip

d.Accounts receivable subsidiary ledger