Invoice Date Invoice amount Credit Terms

Question

July 7 $339.04 2/10, n/30
For the above invoice, determine the last date on which the discount
can be taken.

Answer 1

The credit terms stated for the invoice are 2/10, n/30.

This means that if payment is made within 10 days, a discount of 2% can be taken.

To determine the last date on which the discount can be taken, we need to add 10 days to the invoice date.

Adding 10 days to July 7, we get July 17.

Therefore, the last date on which the discount can be taken is July 17.