P15-3 (similar to) Question Help 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: B. b. For each of the sets of credit terms in part a, calculate the number of days until full payment is due for invoices dated March 12. c. For each of the sets of credit terms, calculate the cost of giving up the cash discount. Cash discount 1.7% 2.2% 2.5% 1.1% Cash discount period 13 days 9 days 7 days 10 days Credit period 42 days 35 days 32 days 60 days Beginning of credit period date of invoice end of month date of invoice end of month a. The short-hand expression of the credit terms 1 is: / net (Round consistently and select from the drop-down menu.) date of invoice EOM P15-3 (similar to) Question Help 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: B. b. For each of the sets of credit terms in part a, calculate the number of days until full payment is due for invoices dated March 12. c. For each of the sets of credit terms, calculate the cost of giving up the cash discount. Cash discount 1.7% 2.2% 2.5% 1.1% Cash discount period 13 days 9 days 7 days 10 days Credit period 42 days 35 days 32 days 60 days Beginning of credit period date of invoice end of month date of invoice end of month a. The short-hand expression of the credit terms 1 is: / net (Round consistently and select from the drop-down menu.) date of invoice EOM