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23) The typical credit cycle for most sales on account is 30 days. US4725 24)...

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Accounting

23) The typical credit cycle for most sales on account is 30 days. US4725 24) A typical sales discount might be stated as 2/10, n/30. This expression means that the seller is willing to discount the order by 10% if the buyer pays the invoice within 2 days of the invoice date. 25) Leno Company sells goods to the Fallon Company for $12,000. It offers credit terms of 5/10, n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A) $12,600. B) $600. C) $11,400. D) $12,000.
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23) The typical credit cycle for most sales on account is 30 days. 24) A typical sales discount might be stated as 2/10,n/30. This expression means that the seller is willing to discount the order by 10% if the buyer pays the invoice within 2 days of the invoice date. 25) Leno Company sells goods to the Fallon Company for $12,000. It offers credit terms of 5/10,n/30. If Fallon Company pays the invoice within the discount period, Leno Company will record a debit to Cash in the amount of: A) $12,600. B) $600. C) $11,400. D) $12,000

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