Using the Dating Method, Calculate the Discount Date and the Net

question 165

Short Answer

Using the dating method, calculate the discount date and the net date. Unless otherwise specified, the net date is 20 days after the discount date: $$\begin{array} { l l l l } \text { Date of Invoice } & \text { Terms of Sale } & \text { Discount Date } & \text { Net Date } \\\text { April } 6 & 2 / 10 , \mathrm { EOM }\end{array}$$

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Definitions:

Warranties of Title

Guarantees given by a seller to a buyer that the seller has the right to transfer ownership and no undisclosed liens exist on the property.

Express Warranty

A clearly stated or written guarantee made by a seller about the quality or performance of a product, which becomes part of the contract.

Samples

Samples are small portions or examples of a product provided to consumers for the purpose of testing quality, functionality, or performance before making a purchase.

Implied Warranty

A legal assurance that a product will meet a minimum level of quality and functionality without being explicitly stated in a contract.