The credit terms offered by neutron enterprise are 2/10, n/30. neutron sold goods on account to james company on jun 14 for $300. if james company pays the bill on jun 27, neutron's journal entry to record the collection on account will include

Cash A/C            Debit                    $300

  To James company                                  $300

(Amount collected from James Company for credit sale)

Explanation:

Cash A/C            Debit                    $300

  To James company                                  $300

(Amount collected from James Company for credit sale)

Note: The terms here provided that, 2/10, n/30.

Which means that 2% discount if payment made within 10 days, and total 30 days credit allowed.

Here the sales were made on 14 June, and payment received on 27 June that is it took more than 10 days as 10 days complete on 24 June.

Therefore, no discount will be offered.

answer; /// i believe its (bas design);

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"