1/15 Net 30 Date of Invoice Translates as ________

question 13

Multiple Choice

1/15 net 30 date of invoice translates as ________.

• A) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due in 30 days after the middle of the month
• B) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due 30 days after the invoice date
• C) a 1 percent cash discount may be taken if paid in 15 days; if no cash discount is taken, the balance is due 30 days after the end of the month
• D) a 1 percent discount may be taken on 15 percent of the purchase if the account is paid within 30 days after the end of the month

---

Definitions:

Accrued Expense

Expenses that have been incurred but not yet paid or recorded in the financial statements.

Accrued Revenue

Income that has been earned through sales or services but has not yet been received or recorded.

Tenant

An individual or entity that occupies property or land rented from a landlord under a lease agreement.

Rent

The payment made by a tenant to a landlord for the use of property, land, or a building.