34.

Using a standard 30-day month, calculate the average terms for the following 5 invoices if the stated terms are Net 30 EOM.

Invoice Date: June 5

Invoice Date: June 11

Invoice Date: June 22

Invoice Date: June 25

Invoice Date: June 29

		212.00
		41.60
		30.00
		42.4

37.

In collections, consistent procedures are important because:

		inconsistent procedures lead to increased collections.
		haphazard procedures lead to haphazard payments by debtors.
		consistent procedures lead to haphazard collections.
		consistent procedures increase bad debt expense.