2/10, N30 Implies​

question 9

Multiple Choice

2/10, n30 implies​

• A) ​a 10% discount if the bill is paid in 30 days
• B) ​a 2% discount if the bill is paid in 30 days
• C) ​a 10% discount if the bill is paid in 10 days
• D) ​a 2% discount if the bill is paid in 10 days

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Definitions:

Unadjusted Trial Balance

A listing of all the accounts and their balances from the general ledger before any adjusting entries are made, used to ensure credits and debits match.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's accounts for the next period.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, often referred to as shareholder's equity or owner's equity.

Financial Statement

A formal record of the financial activities and position of a business, individual, or other entity, typically including the balance sheet, income statement, and statement of cash flows.