Home Chapter 8 Section Review Quizzes Section 8-3: Cash Discounts and Sales Terms

# Section 8-3: Cash Discounts and Sales Terms

This activity contains 5 questions.

## An invoice is dated June 27 with terms 2/10, n/30. What is the last day the invoice can be paid and still take advantage of the discount?

 July 6 July 7 July 5 July 3

## An invoice of \$555 is dated October 5 and has terms 3/10, n/30. If the invoice is paid on October 10, how much should be remitted?

 \$555.00 \$527.25 \$538.35 \$571.65

## Evans Enterprises received a \$4,321 bill dated December 3, with terms 2/10, 1/15, n/30. A 5% penalty is charged for payment after 30 days. If the bill is paid on December 15, how much should be remitted?

 \$3,888.90 \$3,672.85 \$4,277.79 \$4,234.58

## Jim Bobbet gets an invoice for \$324 with terms 4/10, 1/15, n/30. How much would Jim pay nine days after the invoice date?

 \$226.80 \$311.04 \$275.40 \$259.20

## The Gnat Company received a \$789 invoice with terms 3/10, n/30. The firm could not pay the entire bill within ten days but sent a check for \$400 within the first 10 days. What amount should be credited to the Gnat Company?

 \$400.00 \$410.00 \$430.00 \$412.37