Describe the Format of a Client Memo

question 80

Essay

Describe the format of a client memo.

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Definitions:

Invoice Terms

The conditions specified on an invoice, including the payment due date, any available discounts for early payment, and penalties for late payment.

Credit Sale

A transaction where goods or services are provided to a customer with an agreement to pay at a later date, typically involving invoicing.

FOB Shipping Point

A term used in shipping agreements indicating that the buyer is responsible for the goods once they leave the seller's premises.

Prepaid Freight

Costs paid in advance for the transportation of goods, which are typically recorded as a prepaid expense until the goods are delivered.