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☆☆☆☆☆2/10 n30 means that there is a 2% discount if paid in 10 days, otherwise the full net amount is due in 30 days.
2/10 net 60 means there is a 2% discount available if the invoice is paid within 10 days (that's the 2/10). If the invoice is not paid within the discount period, the entire invoice is due in 60 days from the invoice date.
Purchase Return and Allowance-
Discount From purchase =
Net Purchase
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
if you have a asset and you sale it and then money which you get pay as a liability so decreas in asset and decreas in liability occurs.
The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. It suggests accounting information is economic information.
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
The transaction would increase an asset account and increase a liability account?
Standard closing entries:
Close Revenue accounts to Income Summary by debiting Revenue and crediting Income Summary.
Close Expense accounts to Income Summary by debiting Income Summary and crediting Expense accounts.
Close Income Summary to Capital account by debiting Income Summary and crediting Capital account.
Close Withdrawals account to Capital account by debiting Capital account and crediting Withdrawals account.
External ueser
False.
Payment of an accounts payable reduces cash and reduces accounts payable. Equity is not affected.
Preparing an unadjusted trial balance tests the equality of debits and credits as recorded in the general ledger.
A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance.
..cj pulgar
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
permanent
Looks like a business account where you get 2% discount if paid within 10 days and it due in full within 30 days.
765
The delivery of these equipment are depending on the company. You can call the company you plan to purchase from and find out their policy.
