If an Invoice Shows a Total of $3,000 with Terms

question 2

Multiple Choice

If an invoice shows a total of $3,000 with terms 5/15, n/60, which of the following is NOT a true statement?

• A)The customer must pay $3,000 within 60 days after the date of the invoice.
• B)The customer may pay $2,850 within 15 days to satisfy the bill.
• C)The customer will receive a 10% discount if they pay within 60 days.
• D)The customer has a discount period of 15 days.

Analyze and correct errors in accounting entries, including those affecting supplies and accounts receivable/payable.

Record business transactions in a two-column journal format, emphasizing the debit and credit system.

Understand the impact of business transactions on the accounting equation.

Classify accounts by their normal balances and activity (debit or credit) during recording business transactions.

---

Definitions:

Thermal Protection Tiles

Materials used on spacecraft exteriors to protect against high temperatures during re-entry into Earth's atmosphere.

Degrees Of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution or a system without violating any constraint.

Catalysts

Substances that increase the rate of a chemical reaction without themselves being consumed in the process.

Reaction Times

The amount of time taken to respond to a stimulus or task.