On May 4, Roscoe Grocery received $3,500 worth, with $200 in freight costs paid by the supplier under the terms 2/10, n/30. On May 14, I made the payment required and debited my cash purchases discounts account.
A payment is the voluntarily made exchange of money, its equivalent, or other valuables by one party (such as an individual or business) for another's goods, services, or to satisfy a legal obligation. Payer refers to the party sending the money, whereas payee denotes the recipient of the payment. The payee is free to choose the mode of payment that he or she will take; nevertheless, most laws often compel the payer to accept the country's legal money up to a certain amount.
Except otherwise otherwise agreed by the parties, payments are typically made in the payment native currency.
Learn more about discounts here
https://brainly.com/question/13501493
#SPJ4
