# 7Date of invoice: March 14Credit terms: 2/20, 1/45, n/60Determine the last date on which the larger discount may be taken?Determine the last date on which the smaller discount may be taken?An invoice dated October 15 shows list price of $820.00 for merchandisePlus $30.00 shipping and handling. The terms are:Trade discount of 20/10 and cash discount of 2/10, 1/20, n/30.Invoice is paid on October 24.# 8Calculate the amount needed to pay the invoice in full :

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Answered: #7 Date of invoice: March 14 Credit…

#7 Date of invoice: March 14 Credit terms: 2/20, 1/45, n/60 Determine the last date on which the larger discount may be taken? Determine the last date on which the smaller discount may be taken?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

# 7
Date of invoice: March 14
Credit terms: 2/20, 1/45, n/60
Determine the last date on which the larger discount may be taken?
Determine the last date on which the smaller discount may be taken?
An invoice dated October 15 shows list price of $820.00 for merchandise
Plus $30.00 shipping and handling. The terms are:
Trade discount of 20/10 and cash discount of 2/10, 1/20, n/30.
Invoice is paid on October 24.
# 8
Calculate the amount needed to pay the invoice in full :

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