Home / Questions / Credit terms whereby the customer is granted credit until the 10th day of the following m

Credit terms whereby the customer is granted credit until the 10th day of the following m

 Credit terms whereby the customer is granted credit until the 10th day of the following month are n/10, EOM.

 

74) Credit terms remain the same from company to company.

 

75) Net Sales is computed by adding Gross Sales, Sales Discounts, and Sales Returns and Allowances.

76) Credit terms of 3/10 permit the customer to deduct 3% of the sale if payment is made within 10 days.

 

77) A special journal, like the Sales Journal, requires more posting than the general journal because the general journal has special column totals.

 

78) A special ledger for the controlling account in the general ledger would be called a subsidiary ledger.

 

79) A controlling account is a listing of all the customers and the account balances.

 

80) Recording to the accounts receivable ledger should be performed at the end of the month.

 

81) A checkmark is placed in the PR column to show an amount has been posted to a subsidiary account.

 

82) A credit memorandum will increase accounts receivable.

Dec 06 2019 Read more Less More

Answer (UnSolved)

question Subscribe To Get Solution

Recent Questions

Chat Now

Welcome to Live Chat

Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.

Please fill in the form