Grinn, Inc

question 157

Multiple Choice

Grinn, Inc.offers terms of 2/10, n/30 to credit customers.Great Buy Corp.purchased 100 tile cutters with a list price of $20 each on March 5, 2016, on account.If Great Buy Corp.pays the amount of the invoice for its purchase on March 14, 2016, how much cash will Grinn receive from Great Buy Corp.? ​

• A) $1,764
• B) $2,000
• C) $1,800
• D) $1,960

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Definitions:

Drawer

In the context of financial transactions, the person who writes or issues a cheque or draft directing a bank to pay the specified amount to a third party.

Drawee

The party in a financial transaction who is directed to pay a certain amount of money by the drawer's order.

Payee

The person or entity to whom money is payable, especially in the context of a check, draft, or promissory note.

Specific Time

Denotes a precise moment or period that is identified for the occurrence of an event or action.