The account that would be credited for the amount of tax collected and paid on sales would be a. Sales b. Sales Tax Payable c. Cash d. Accounts Payable e. none of the above Total sales less the sales price of any goods returned by customers and less cash discounts allowed by the seller, is called a. cost of goods sold b. grow margin c. net sales d. gross profit For the merchant, bank credit card sales are treated in a manner similar to a. sales on account b. cash sales c. installment sales d. layaway sales e. none of the above Special discounts on list prices granted by manufacturers to different classes of customer are known as a. cash discounts b. trade discounts c. manufactures' discount d. customers' discounts e. none of the above Assume the gross amount of an invoice is $150 and a discount of 10% is allowed. The amount to be entered in the accounting records as sales revenue would be a. $165 b. $150 c. $140 d. $135 c. none of the above A discount offered as an inducement for prompt payment of an invoice is called a(n) a. trade discount b. invoice discount c. early discount d. cash discount e. none of the above The terms on an invoice are 4/15, n/30. This means that a. a discount of 4% will be allowed if payment is made within 15 days from the date of the invoice b. a discount of 15% will be allowed if payment is made with 4 days from the date of the invoice. c. a discount of 4% will be allowed if payment is made by the 15^th of the month d. a discount of 15% will be allowed if payment is made by the 4^th day after the date of the invoice c. none of the above