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Author Question: On May, 2, Breyer, Inc. purchases 25,000 of merchandise from a vendor with credit terms of 2/10, ... (Read 35 times)

jho37

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on: Jul 5, 2018
On May, 2, Breyer, Inc. purchases 25,000 of merchandise from a vendor with credit terms of 2/10, n/30. If Breyer pays the vendor on May 10, the amount of the payment should be ________.
 
  A) 25,000
  B) 24,500
  C) 22,500
  D) 27,500

Question 2

Taking a physical count of inventory
 a. is not necessary when a periodic inventory system is used
  b. should be done near year-end
  c. has no internal control relevance
  d. is not necessary when a perpetual inventory system is used


meganlapinski

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Reply #1 on: Jul 5, 2018
Answer to Question 1

B

Answer to Question 2

b


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