Directions: Read each situation, answer the questions, and complete the necessary calculations! Round to 2 decimal places. 1. The Kay Mowing Company has an invoice for $750 dated August 20 with terms 3/10, n/30. Answer the following questions about this situation. a) By what date must the invoice be paid to receive the discount? b) What is the dollar amount of discount if paid by this date? c) What is the dollar amount that should be paid if paid within the discount period? d) When (indicate date) does the credit period end? e) The bill was paid on August 31; how much money (amount) was sent? 2. Kay Mowing received an invoice for $300 that was dated October 12 with terms of 2/10, n/30. Answer the following questions about this situation. a) By what date must the invoice be paid to receive the discount? b) What is the dollar amount of discount if paid by this date? c) What is the dollar amount that should be paid if paid within the discount period? d) When (indicate date) does the credit period end? e) The bill was paid on October 23; how much money (dollar amount) was sent? 3. Strikers Bar & Grille received an Invoice from Kay Mowing for $200 dated March 6 with sales terms of 5/10, n/30. Strikers paid the bill on March 9. a) Was Strikers eligible for a cash discount? b) If so, how much was the discount amount? c) If Strikers paid within the discount period, how much (dollar amount) did Strikers send to Kay Mowing for payment of the invoice? d) When (indicate date) does the credit period end? 4. Kay Mowing received a bill for $450 with an invoice date of September 1 with sales terms of 3/10, 2/15, n/30. a) What percent discount will kay Mowing receive if the bill is paid on September 6? b) What is the dollar amount of this discount if paid by September 6? c) What percent discount will kay Mowing receive if the bill is paid on September 18? d) What is the dollar amount of this discount if paid by September 18? e) Kay Mowing paid the bill on September 12; will there be a discount? If so, calculate the amount. f) Kay Mowing paid the bill on September 10; will there be a discount? If so, calculate the amount 5. Kay Mowing has an invoice for $1,000 dated August 20 with terms n/10, EOM. Answer the following questions about this situation. a) By what date must the invoice be paid? b) What is the dollar amount of discount if paid by this date? c) When does the credit period end? d) The bill was paid on August 30; how much money was sent? 6. Kay Mowing has an invoice for $837 dated November 5 with terms n/15, EOM. Answer the following questions about this situation. a) By what date must the invoice be paid? b) What is the rate of discount? c) When does the credit period end? d) The bill was paid on November 19; how much money (dollar amount) was sent? Submission Directions: After determining your answers, locate the Office Accounting course in Canvas. Locate the 09 Chapter Module and then locate the Sales Discount Check heading. Click on this link and enter your answers. You will have 15 minutes to enter your answers. Your assignment will receive a grade. Therefore, it is important that you have calculated your answers first! of 2 Sales Discounts/ Cash Discounts To prompt early payment from a customer, a business may offer the customer a discount or a price reduction on the amount due on an invoice if the invoice is paid within a certain discount period. You see this type of discounting between businesses. This discount is a specific percentage deducted from the price of the goods. Bills are often due within 30 days (Net 30) from the date of the invoice. The discount percentage and the number of days that credit is granted can be different from those in this handout. These are just examples: 2/10, n/30-2 percent discount given if paid within 10 days of the invoice date or net amount due in 30 days. 3/15, n/30---3 percent discount given if paid within 15 days of the invoice date or net amount due in 30 days. 3/10, 2/15, n/30-3 percent discount given if paid within 10 days. A 2 percent discount will be given if paid within 15 days. Net amount due in 30 days. . n/10, EOM -No discount, and payment due 10 days after the end of the month or EOM. Directions: Read each situation, answer the questions, and complete the necessary calculations! Round to 2 decimal places. Sales Discounts/ Cash Discounts To prompt early payment from a customer, a business may offer the customer a discount or a price reduction on the amount due on an invoice if the invoice is paid within a certain discount period. You see this type of discounting between businesses. This discount is a specific percentage deducted from the price of the goods. Bills are often due within 30 days (Net 30) from the date of the invoice. The discount percentage and the number of days that credit is granted can be different from those in this handout. These are just examples: 2/10, n/30-2 percent discount given if paid within 10 days of the invoice date or net amount due in 30 days. 3/15, n/303 percent discount given if paid within 15 days of the invoice date or net amount due in 30 days. 3/10, 2/15, n/303 percent discount given if paid within 10 days. A 2 percent discount will be given if paid within 15 days. Net amount due in 30 days. n/10, EOM-No discount, and payment due 10 days after the end of the month or EOM. Directions: Read each situation, answer the questions, and complete the necessary calculations! Round to 2 decimal places. Directions: Read each situation, answer the questions, and complete the necessary calculations! Round to 2 decimal places. 1. The Kay Mowing Company has an invoice for $750 dated August 20 with terms 3/10, n/30. Answer the following questions about this situation. a) By what date must the invoice be paid to receive the discount? b) What is the dollar amount of discount if paid by this date? c) What is the dollar amount that should be paid if paid within the discount period? d) When (indicate date) does the credit period end? e) The bill was paid on August 31; how much money (amount) was sent? 2. Kay Mowing received an invoice for $300 that was dated October 12 with terms of 2/10, n/30. Answer the following questions about this situation. a) By what date must the invoice be paid to receive the discount? b) What is the dollar amount of discount if paid by this date? c) What is the dollar amount that should be paid if paid within the discount period? d) When indicate date) does the credit period end? e) The bill was paid on October 23; how much money (dollar amount) was sent? 3. Strikers Bar & Grille received an Invoice from Kay Mowing for $200 dated March 6 with sales terms of 5/10, n/30. Strikers paid the bill on March 9. a) Was Strikers eligible for a cash discount? b) If so, how much was the discount amount? c) If Strikers paid within the discount period, how much (dollar amount) did Strikers send Kay Mowing for payment of the invoice? d) When (indicate date) does the credit period end? 4. Kay Mowing received a bill for $450 with an invoice date of September 1 with sales terms of 3/10, 2/15, n/30. a) What percent discount will Kay Mowing receive if the bill is paid on September 6? b) What is the dollar amount of this discount if paid by September 6? c) What percent discount will Kay Mowing receive if the bill is paid on September 18? d) What is the dollar amount of this discount if paid by September 18? e) Kay Mowing paid the bill on September 12; will there be a discount? If so, calculate the amount. f) Kay Mowing paid the bill on September 10; will there be a discount? If so, calculate the amount. 5. Kay Mowing has an invoice for $1,000 dated August 20 with terms n/10, EOM. Answer the following questions about this situation. a) By what date must the invoice be paid? b) What is the dollar amount of discount if paid by this date? c) When does the credit period end? d) The bill was paid on August 30; how much money was sent? 6. Kay Mowing has an invoice for $837 dated November 5 with terms n/15, EOM. Answer the following questions about this situation. a) By what date must the invoice be paid? b) What is the rate of discount? c) When does the credit period end? d) The bill was paid on November 19; how much money (dollar amount) was sent? Submission Directions: After determining your answers, locate the Office Accounting course in Canvas. Locate the 09 Chapter Module and then locate the Sales Discount Check heading. Click on this link and enter your answers. You will have 15 minutes to enter your answers. Your assignment will receive a grade. Therefore, it is important that you have calculated your answers first