2989054
| Question | Answer |
| When a sale is made with the credit terms of 2/10, net 30, the"10" refers to the ______. | Discount Period |
| TRANSACTION: On June 1, $800 of goods are sold with credit terms of 1/10, n/30. How much should the seller expect to receive if the buyer pays on June 8 ? | Answer: $792 ($800 - (1% x 800) => $800 - $8) |
| TRANSACTION: June 1, $800 of goods are sold with credit terms of 1/10, n/30. On June 3 the customer returned $100 of the goods. How much should the seller expect to receive if the buyer pays on June 8 ? | Answer: $693 ($800 - $100 = $700 - (1% x $700) |
| When the terms of a sale are FOB________, Ownership of goods will transfer to the customer at the customer's dock. | DESTINATION |
| The seller is responsible for the costs of shipping its goods to the buyer when the terms of the sale are FOB ? | DESTINATION |
| The buyer is responsible for the costs of the shipping when goods are sold with the terms FOB ? | SHIPPING POINT |
| When the Allowance for Doubtful Accounts appears on a company's financial statements, its balance will be a________balance. | CREDIT |
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