In Credit terms of 3/15 the "J" represents the a. number of days in the discount period b. full amount of the invoice c. number of days when the is due d. percent of the each discount When a returns purchased for each, the may record the transaction using the following every a. debit Merchandise lavatory credit Cash b. debit Cash; credit Merchandise lavatory c. debit Cash; credit Sales Return and Allowances d. debit Sales Return and Allowances; credit Cash A purchaser with a price of $15,000. The retailer receives a 30% trade discount and credit learns of 2/10, What amount should the retailer debit to the Merchandise lavatory account? a. $4, 500 b. $10, 500 c. $10, 290 d. $14, 700 Co, sells merchandise on credit or Sonar Co in the amount of $9, 600. The invoice is dated on April 15 with terms of 1/15 net 45. If Sonar Co chosen not to take the discount, by when should the payments be made? a. April 30 b. May 30 c. May 15 d. April 25 Taking advantage or 2/10, n/30 purchase discount is equal to a servings yearly rate to approximately a. 2% b. 24% c. 20% d. 34%