The Terms '2/10, N/30' Appearing on an Invoice for the Sale/purchase

question 19

Multiple Choice

The terms '2/10, n/30' appearing on an invoice for the sale/purchase of inventories means that the buyer:

• A) will receive a 10% discount if paid within 2 days of the invoice date, otherwise the full amount must be paid within 30 days of the invoice date.
• B) will receive a 2% discount if paid within 10 days of the invoice date, otherwise the full amount must be paid within 30 days of the invoice date.
• C) has 10 days from the invoice date to pay the full amount or a 2% surcharge will be applied and total amount owing must be paid within 30 days of invoice date.
• D) has 2 days from the invoice date to pay the full amount or a 7% surcharge will be applied and total amount owing must be paid within 30 days of invoice date.

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