In credit terms of 3/15, n/45, the "3" represents the O a. full amount of the invoice b. number of days when the entire amount is due c. number of days in the discount period d. percent of the cash discount

In credit terms of 3/15, n/45, the "3" represents the O a. full amount of the invoice b. number of days when the entire amount is due c. number of days in the discount period d. percent of the cash discount

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12MC: Which of the following accounts are used when a short-term note payable with 5% interest is honored...

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In credit terms of 3/15, n/45, the "3" represents the Oa. full amount of the invoice Ob. number of days in the discount period Oc. number of days when the entire amount is due Od. percent of the available discount for early payment 4
In the credit terms of 3/15, n/45, the "3" represents the a. Number of days when the entire amount is due b. Full amount of the invoice c. Percent of the cash discount d. Number of days in the discount period
In the credit terms 1/10, n/30, what does the "1" represent? Group of answer choices number of days when the entire amount is due number of days in the discount period full amount of the invoice 1% cash discount if paid within the credit period
11. In the credit terms of 3/15, n/60, the “15” represents the a. number of days in the discount period. b. percent of the cash discount. c. full amount of the invoice. d. number of days when the entire amount is due
a-1. Days until overdue a-2. Remittance b-1. Discount offered b-2. Number of days b-3. Remittance c-1. Implicit interest c-2. Days' credit $ 90 days 82,250 2% days days
In the payment term 5/10, n/30, the number '10’ represents _________________. a. Length of discount period b. Length of credit period c. Cash discount d. Net amount
The credit term 3/10 net 30 signifies: a. Credit period 30 days, cash discount 3 percent and cash discount period 10 days b. Credit period 30 days, cash discount 10 percent and cash discount period 5 days c. Credit period 60 days, cash discount 5 percent and cash discount period 10 days d. Credit period 5 days, cash discount 10 percent and cash discount period 60 days
1. credit terms :1/15, n/45. how many days is the discount period? 2. credit terms :5, 1/15, n/45. what is the cash discount?
Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payable
K An invoice is dated June 18 with terms 3/10-50 ex. Find the final discount date and the net payment date. The net payment date is 20 days after the final discount date. The final discount date is The net payment date is June July ▼ ▼ CHE
In the payment term 6/12, n/60, the cash discount is ___________. a. 12% b. 6% c. 60% d. 30%
Practice Find the amount in the account and the interest. Annual Interest Interest First Period Second Principal Rate Period Interest Amount Period Interest Amount 1. $ 750.00 5.000% quarterly a. b. C. d. 2. 1,585.00 6.500% semiannually a. b. C. d. 3. 4. 7,926.50 16,427.82 3.750% monthly a. b. C. d. 4.875% annually a. b. C. d. 5. Standardized Test Practice Marcus Sanderson opened a savings account on January 1st with a $625.00 deposit. Interest is compounded on a quarterly basis at a rate of 5.7 percent. What is his balance at the end of 1 year? A. $660.60 B. $35.60 C. $661.39 D. $36.38