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Tristate Power Corp. sold merchandise to a customer on credit for $4,000 with credit terms...

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Accounting

Tristate Power Corp. sold merchandise to a customer on credit for $4,000 with credit terms of 1/10, n/30. The invoice was dated June14.Which one of the following statements is true? The customer can take a $40 discount if the invoice is paid by July 14 The customer should pay $3,600 if the invoice is paid by june 24 The customer must pay $4,000 if paid after June 24 The customer must pay a $40 penalty if payment is made after July 14

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