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

Section 8-3: Cash Discounts and Sales Terms

This activity contains 5 questions.

Question 1.
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?

End of Question 1

Question 2.
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?

End of Question 2

Question 3.
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?

End of Question 3

Question 4.
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?

End of Question 4

Question 5.
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?

End of Question 5

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