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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.

Tripti 06-Dec-2019

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