EOM Dating: Be sure to pay attention to the days (discount & net) within the terms. When entering dates, state as: Month Day (e.g., January 1). Do NOT abbreviate the month. 15. The Auburn Gift Shop received an invoice with terms of 4/20 EOM, net 60. The invoice amount was $5,000 and was dated June 20 A. What is the last day to take advantage of the cash discount? B. When is the net amount due?
EOM Dating: Be sure to pay attention to the days (discount & net) within the terms. When entering dates, state as: Month Day (e.g., January 1). Do NOT abbreviate the month. 15. The Auburn Gift Shop received an invoice with terms of 4/20 EOM, net 60. The invoice amount was $5,000 and was dated June 20 A. What is the last day to take advantage of the cash discount? B. When is the net amount due?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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