help with this one . thanks

could you please tell me what 2/10, net 60 . mean?

67.12 (L02,3,6) Journalizing Various Receivable Transactions) Presented below is information related to James Gartield Corp, whic ro, which sells merchandise with terms 2/10, net 60. Garfield records its sales and receivables net. July 1 James Garfield Corp. sold to Warren Harding Co.merchandise having a sales price of $8,000. 5 Accounts receivable of $9,000 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 9%. Cash is received for the proceeds, collections are handled by the finance company. (These accounts were all past the discount period.) Specific accounts receivable of $9.000 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,000 at a finance charge of 6% of the amount of the loan. The finance company will make the collections. All the accounts receiv- able are past the discount period.) Dec. 29 Warren Harding Co. notifies Garfield that it is bankrupt and will pay only 10% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.) Instructions Prepare all necessary entries in general journal form for Garfield Corp