An Invoice Dated June 28 with Terms of 1

question 72

Multiple Choice

An invoice dated June 28 with terms of 1 / 10, EOM results in the end of the credit period on:

• A) July 10
• B) August 30
• C) August 31
• D) August 10

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Definitions:

Drawn

Refers to the process of extracting or taking something from a particular source, such as money from an account.

Liable

Legally responsible or obligated, often in the context of paying damages or facing other legal consequences.

Preprinted Promissory Note

A legally binding document that acknowledges debt and promises repayment, which comes in a standardized form.

Payable

Refers to an amount of money that is owed and should be paid.