About the credit terms, Credit terms. Purchases made on

About the credit terms

Assignment Help Financial Management

Reference no: EM13918546

Credit terms. Purchases made on credit are due in full by the end of the billing period. Many firms extend a discount for payment made in the first part of the billing period. The original invoice contains a type of shorthand notation that explains the credit terms that apply. (Note: Assume a 365 day year.) a. Write the shorthand expression of credit terms for each of the following

Cash Discount Cash Discount Period Credit Period Beginning of Credit Period

1% 15 days 45 days Date of invoice

2% 10 days 30 days End of Month

2% 7 days 28 days Date of invoice

1% 10 days 60 days End of Month

2 10 30 End of month 2 7 28 Date of invoice 1 10 60 End of month

Reference no: EM13918546

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