Just 10

The normal balance of a capital account is a debit. True False A vendor gives terms of 2/10, N/30 on an invoice dated 12/1/XX, the owner sent a check on 12/15/xx less the discount. This could be justified because: The mail is slow that time of year and the vendor would not notice The owner called the vendor prior to mailing the check but the vendor was out of town The owner knew the vendor was out of town for 2 weeks and would not be opening the mail anyway This action could not be justified. Under a periodic inventory system, the merchandise on hand at the end of the year is determined by a physical count of the inventory. True False