Calculated from the date of the invoice not the date the invoice is received
What is discount period?
100
The amount of discount applied to a purchase of $200 with $12 tax for a total of $212 with terms of 2/10, n30
What is $4.00?
200
A form that lists the items included in the shipment
What is a packing slip?
200
A written request to order a specified item
What is a purchase requisition?
200
A temporary account classified as a cost of merchandise account
What is purchases?
200
When the invoice is dule in full with no discount
What is n/30?
300
To whom do retailers sell their merchandise
What is the general public?
300
Third step in ordering
What is verifying items received?
300
The supplier prepares a bill listing the credit terms, the quantity, description, unit price, and total cost of the items shipped, the buyer's purchase order number, and the method of shipment
What is an invoice?
300
The time within which an invoice must be paid if the disount is to be taken
What is the discount period?
400
Placed on the invoice to enter the date to be paid, discount amount, amount to be paid, and check number
What is a processing stamp?
400
The second step in purchasing
What is ordering from a supplier?
400
Normal balance of the Purchases account
What is a debit
400
A 2 percent discount will be given if the invoice is paid in full within 10 days or the entire amount is due within 30 days
What is 2/10, n/30?
500
A cash discount for early payment for the buyer
What is a purchases discount?
500
Final state of purchasing
What is processing the supplier's invoice?
500
The normal balance of purchases discounts
What is a credit balance?
500
Last day to pay an invoice dated 12/24/2017 with the terms 1/10, n/30