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