If a $6,750 sale is made on December 30 with terms of 2\10, net 30 and collection is made on January 31 the amount collected is:
A)$5,400
B)$6,615
C)$6,750
D)$6,885

Question

Quizplus · Accepted Answer

The terms 2/10, net 30 mean a 2% discount is available if payment is made within 10 days. Since the payment is made on January 31, which is beyond the 10-day discount period, the full amount of $6,750 is collected.

If a $6,750 Sale Is Made on December 30 with Terms