An invoice dated June 29, for $1,678.25, with credit terms of 3 / 10, EOM is received by Bailey, Inc. The last day a discount can be taken is:

Question

Quizplus · Accepted Answer

The credit terms 3/10, EOM mean a 3% discount is available if paid within 10 days after the end of the month in which the invoice is dated. Since the invoice is dated June 29, the end of the month is June 30, so the discount period ends 10 days after that, which is August 10.

An Invoice Dated June 29, for $1,678