Question: How do you interpret these terms? 1/7 n15 Take a 1% discount if paid in 15 days Take a 1% discount if paid in 7

How do you interpret these terms? 1/7 n15 Take a 1% discount if paid in 15 days Take a 1% discount if paid in 7 days or full amount is due in 15 days Take a 7% discount if paid in 15 days Take a 15% discount if paid in 7 days

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock 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 Mathematics Questions!

Gold Sporting Equipment (GSE) is in the process of preparing its budget for the third quarter of 2010. The budgeting staff has gathered the following data: 1. Account balances as of June 30: 3. Sales...

Gear Out There (GOT) Inc., is a wholesale company selling supplies and materials for climbing, hiking and other outdoor activities mainly to the retail supply stores in British Columbia. Gear Out...

You are provided an Excel file entitled InvoicePayments_CSV.csv . The file contains 17,926 records of paid invoices with invoice and payment data in the following eight fields: Invoice_number:...

Record the Transactions as Journal entries in General From Aug. 1 Common stock was sold to the managers and outside shareholders. The total amount received was $ 50,000 #1-1 Aug. 1 #1-2 A lease was...

8 Receipts nation to create the overhead budget for 2,800 direct labor employee hours. Sales on account for the first two months of the current year are budgeted as follows. January February.....

kindly solve this one if you find anything it would be of great help! Fulfillment Process Group Assignment Overview In this assignment you will help SSB, Inc. with their fulfillment process....

Determine whether the statement is TRUE OR FALSE: 1) Purchase returns refer to merchandise a buyer purchases but then returns to the seller. 2) Credit terms of 2/10, n/30 imply that the seller offers...

Multiple-choice questions: 6) Which of the following statements about working capital is correct? A. When current assets of a firm exceed current liabilities, a firm is said to have negative net...

1 ) Once journal entries are entered in the purchases journal, totals are posted to the general ledger. True False 2) A material requisition is initiated in order to request needed merchandise in a...

Testbank Question 139 The Dilly Company marks up all merchandise at 25% of gross purchase price. All purchases are made on account with terms of 1/10, (1% discount if paid in 10 days) net/60 (full...

Cebo Zikode started Formula Trucks Inc in 1999 and is famous in the racing business and has worked with many different suppliers. Formula Trucks Inc. manufactures high quality trucks, purchases and...

Carol Benton, Sue Knox, and Marcia Diamond work for a family physician, Dr. Gwen Conrad, who is in private practice. Dr. Conrad is knowledgeable about office management practices and has segregated...

Which of the following is an accurate statement regarding shore road allowances?" Options: A. An unopened shore road allowance is a waterfront road owned by private individuals or corporations. B. A...

The efficiency of labor is a term that does not reflect the: A) education of the labor force. B) skills of the labor force acquired through on-the-job training. C) health of the labor force. D) high...