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How much should have been submitted

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Question 1: Determine the final dates on which a cash discount may be taken on invoices dated May 15 for the different terms listed. Assume that the merchandise is received in the stores on June 2.

8/10, net 30
2/10 EOM
2/10-60X
Net 30
3/10 ROG

Question 2: Merchandise that amounts to $650 at cost is shipped and invoiced on August 29. Terms are 4/10 EOM. Payment is made on September 26. How much should be submitted?

Question 3: An invoice dated March 2 carries terms of 3/10-60X. When does the discount period expire? Explain.

Question 4: An invoice for $3,290, dated April 26, covering merchandise received May 19, carries terms of 8/10 EOM, ROG. It is paid on June 10.

  1. How much should have been submitted?
  2. What would have been submitted had ROG not been included? Why?

Reference no: EM132574754

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