Reference no: EM132740089
Problem 1: The credit terms offered to a customer by a business are 2/10, n/30 which means that
a. the customer must pay the bill within 10 days.
b. the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date.
c. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.
d. two sales returns can be made within 10 days of the invoice date and no returns thereafter.
Problem 2: With respect to sales discount which statement is correct?
a. Sales discount is a contra-revenue account that is deducted from sales.
b. Sales discount is classified as 'other revenue' and appears below gross profit.
c. Sales discount is classified as a finance expense.
d. Sales discount is deducted from cost of sales.
Problem 2: The respective normal account balances of Sales, Sales Returns and Allowances, and Sales discount are
a. credit, debit, debit.
b. debit, credit, debit.
c. credit, credit, credit.
d. credit, debit, credit.
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