Merchandise is ordered on December 1; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on December 3; the merchandise is received by the buyer on December 8; the entry is made in the buyer's accounts on December 10. The credit period begins with what date?

Question

Quizplus · Accepted Answer

The credit period typically begins on the date the invoice is prepared and dated, which is December 3 in this scenario.

Merchandise Is Ordered on December 1; the Merchandise Is Shipped